Puerto Rico

Puerto Rican officials called for consensual restructuring of its debt with its creditors at a meeting Monday in midtown Manhattan.

Puerto Rico’s Monday meeting with its bondholders puts the commonwealth and its creditors on an unpredictable path of negotiation and litigation, if history is a guide.

A Puerto Rico diaspora group launched a project to help Puerto Rico’s economy Friday.

The House Judiciary Committee is unlikely to pass legislation that would give Puerto Rican public municipalities and utilities the ability to file for bankruptcy under Chapter 9, committee chair Bob Goodlatte, R-Va., said in a Wednesday statement.

Puerto Rico plans to present its case for restructuring its debt in New York City on Monday.

Pressure is mounting for Congress to make Puerto Rico's public entities eligible for Chapter 9 bankruptcy protection in the wake of an appeals court decision that found the territory's restructuring law illegal, and calls from top presidential candidates for congressional action.

Puerto Rico Gov. Alejandro García Padilla signed a bill that will allow the government the option of suspending general obligation bond set-asides early in the fiscal year.

Puerto Rico has indicated that September may be the start of the commonwealth government’s monetary defaults.

About 53% of open end mutual funds have exposure to some type of Puerto Rico debt, down from almost 70% in 2014, according to Morningstar Inc.

Puerto Rico Gov. Alejandro García Padilla has signed a fiscal year 2016 General Fund budget for $9.8 billion.

Amid talks of Puerto Rico’s looming debt crisis, two senators plan to introduce companion legislation to a bill that would allow Puerto Rico to grant Chapter 9 bankruptcy powers to troubled public entities on the economically distressed island.

The Puerto Rico Electric Power Authority made the full $415 million bond payment due Wednesday and promised to reach a comprehensive restructuring plan with its creditors by Sept. 1.

The Puerto Rico Electric Power Authority announced Wednesday morning that it was making the full $416 million bond payment due Wednesday.

Puerto Rico faces a fight from one of its biggest bondholders as it seeks to reduce debt service payments for several years.

Puerto Rico's insolvency is a game changer that will have a deep and far-reaching impact on the market, municipal professionals said Tuesday at a Bond Buyer conference in Chicago.

Puerto Rico's government is seeking several years of reduced debt service payments, according to the governor and his staff.

Puerto Rico Gov. Alejandro García Padilla may have worsened relations with traditional municipal investors when he acknowledged long-standing concerns that the commonwealth cannot pay its $72 billion in municipal bond debts.

The White House reiterated that the federal government won't offer bailout support to Puerto Rico after Gov. Alejandro García Padilla said the island's debt is not payable and that a debt restructuring is necessary,

Puerto Rico Gov. Alejandro García Padilla's developing plan to restructure the public sector's $72 billion of debt is part of a larger plan to dramatically change its governmental practices.

Fitch Ratings said it has downgraded the commonwealth of Puerto Rico's general obligation and related debt ratings to CC from B.