Puerto Rico

Its estimates are more pessimistic than the Oversight Board’s projections of island gross domestic product.

HJ Sims Managing Director German Ramirez and Senior Vice President Richard Prann focus in on the latest developments in Puerto Rico. They talk about what’s been happening with PREPA and COFINA and the implications this may have for bondholders. Chip Barnett hosts.

The Oversight Board said it had "finalized" the COFINA Plan Support Agreement

Puerto Rico’s federal overseers are poised to raise their forecast for the island’s budget surplus over the next four decades after an influx of aid and rebuilding from last year’s storm is expected to give a jolt to the economy.

Bankruptcy Judge Laura Taylor Swain still has to rule on two other Unsecured Creditors Committee challenges.

Island residents would recover up to 50% of the value of their losses.

The committee is holding a public hearing on its report on the causes of the debt crisis on Sept. 18 in San Juan.

The Unsecured Creditors Committee continued an effort to change the deal in a hearing on Thursday.

They are also trying to take over representation of the Puerto Rico authorities in Government Development Bank debt restructuring.

The cut marks the first major retreat for OppenheimerFunds, one of the biggest mutual-fund owners of Puerto Rico debt and a company that’s playing a major role in its bankruptcy.

The unsecured creditors say that the deal treats the island’s government authorities in Title III bankruptcy unfairly.

Theboard says Gov. Ricardo Rosselló's plan needs reduced spending and more conservative projections for revenues.

The committee will review claims stemming from a 608-page report on the history of Puerto Rico's debt problem.

July's elevated revenues continue a several-month-long pattern of General Fund revenues coming in above budget.

Terms of the plan support agreement and term sheet are consistent with those first announced on Aug. 8.

Since Puerto Rico formally filed the deal in court on Aug. 10, 13 parties have filed either court challenges or notices of intent to challenge the deal.

A COFINA bondholder group welcomed the plan as a step toward consummating the COFINA restructuring agreement-in-principal.

With all the wrongdoing by powerful players in the public and private sectors, it appears very likely that these players may owe lots of money to bondholders.

Governor rejects ending Christmas Bonus or cutting pensions.

The report aims to answer how the debt problem developed and to make recommendations to prevent such a problem from ever arising again in Puerto Rico.