Puerto Rico

Four investment funds holding COFINA senior bonds are claiming Bank of New York Mellon breached its duties as trustee.

A Puerto Rico judge has revived an “audit” of Puerto Rico’s debt.

The new PREPA deal would force un-insured bondholders to accept a loss of principal, unlike the previous deal, which allowed retention of bonds at face value.

Two senators have asked Puerto Rico's oversight board to show it is following PROMESA.

Gov. Ricardo Rosselló said creditors of the utility agreed to reduce debt service by $1.5 billion over five years.

Moody’s Investors Service downgraded $13 billion in Puerto Rico bonds on Wednesday, citing increasing pessimism about recoveries on the bonds.

A federal appeals court upheld a stay on debt-related lawsuits in a key Puerto Rico lawsuit, reversing a lower court decision.

Municipal bond insurer analysts are rechecking their estimates of potential losses in Puerto Rico after the federal control board approved a 10-year plan that assumes less than 24% of debt coming due will be repaid.

The Puerto Rico Oversight Board is seeking to start debt talks on April 13.

Puerto Rico Gov. Ricardo Rosselló said that his government had agreed to a five day extension of the agreement with Puerto Rico Electric Power Authority creditors.

Puerto Rico bondholders and bond insurers repeated a request to the Puerto Oversight Board to initiate immediate debt negotiations.

The head of the U.S. House Subcommittee that oversees Puerto Rico sent a letter to the island’s governor urging him to accept the already negotiated PREPA deal.

Holders and insurers of $11.9 billion of bonds sent a letter to the Puerto Rico Oversight Board arguing that its fiscal plan breaks the law by ignoring creditor rights.

Puerto Rico employment was up 1.2% in February compared to January.

The Puerto Rico Oversight Board has named a veteran of the Ukraine’s 2014-to-2016 restructuring to be its executive director.

Puerto Rico’s general obligation bondholders called for negotiations on the island’s debt after a judge halted litigation between them and holders of the island’s sales tax revenue bonds.

Puerto Rico bond recoveries may be better than projected by the Oversight Board in the fiscal plan it approved this month, according to a Moody’s analyst.

Subcommittee members heard testimony about the chances for and potential fallout from attempts to renegotiate the PREPA restructuring support agreement as well as what stakeholders have been doing to help the financially troubled commonwealth.

Puerto Rico Electric Power Authority bondholders are resisting the island government's effort to overhaul the utility's existing deal to restructure its business and more than $8 billion of bond debt.

The House subcommittee hearing on the soon-to-expire PREPA restructuring support agreement aims to gather information about the status of ongoing negotiations between Puerto Rico and PREPA creditors.