Puerto Rico

Puerto Rico’s April economic activity index fell 2% in April from a year earlier, signaling continued weakness as the island government embarks on its record breaking municipal debt restructuring.

Puerto Rico's governor presented a fiscal 2018 budget that allots at least $2.04 billion for pensions and nothing for debt.

Puerto Rico Gov. Ricardo Rosselló proposed an austere fiscal year 2018 General Fund budget that he said cut operating expenses by 9.1%.

A federal judge ordered a freeze on Puerto Rico Sales Tax Financing Corp. (COFINA) debt payments Tuesday.

Two University of Puerto Rico professors predict Gov. Rosselló’s budget, due Wednesday, will lead to widespread militant actions.

President Trump’s proposed budget allocates Puerto Rico $1.24 billion more Medicaid spending than the federal government had promised.

Puerto Rico put its Highways and Transportation Authority and Employees Retirement System into bankruptcy affecting $9.5 billion of debt.

Puerto Rico’s April employment rose above 1 million for the first time since August 2013.

The first hearing of the Puerto Rico Title III case on Wednesday reinforced that the battle between general obligation and Puerto Rico Sales Tax Financing Corp. (COFINA) bondholders will be a central issue as the biggest municipal restructuring gets underway.

Puerto Rico’s debt reorganization hearings began with a decision by Judge Laura Taylor Swain to consolidate administration of two existing filings affecting about $30 billion of bonds.

The Government Development Bank for Puerto Rico reached a deal with its creditors to restructure its $4.1 billion in debts.

U.S. lawmakers want Puerto Rico board to focus on economic growth and freeze debt service payments.

The Puerto Rico Oversight Board’s Title III cases got new case numbers on Thursday.

The COFINA bond trustee declared a default and COFINA Senior holders called for payments to COFINA Subordinate holders to end.

The Puerto Rico Oversight Board extended the deadline for Gov. Rosselló to submit the FY2018 budget by two weeks.

The Puerto Rico Electric Power Authority said Monday it is seeking approval from the Oversight Board for its deal with its creditors that was reached outside the court supervised restructuring that's underway for other issuers in the territory.

The Oversight Board certified a Title III filing for the Puerto Rico Sales Tax Financing Corp., affirming that its $17.9 billion of revenue bonds will be subject to court supervised restructuring along with other territorial debt.

Last week’s filing of Title III by the Oversight Board, which sets the stage for a court-supervised reorganization of Puerto Rico’s debt, was just the start of a critical series of decisions for investors in the commonwealth’s bonds. There may be developments on several Puerto Rico fronts this week.

Puerto Rico Gov. Ricardo Rosselló and his financial advisors are insisting that the Title III judge cannot review the amount of debt that Puerto Rico will pay in the next ten years.

Judge Laura Swain of New York was chosen to oversee Puerto Rico's Title III restructuring process.