Government Development Bank for Puerto Rico

The Puerto Rico Oversight Board on Friday may institute mandatory government furloughs opposed by Gov. Ricardo Rosselló.

San Juan’s government claims the GDB's restructuring gives bondholders a "windfall" using resources that belong to Puerto Rico's municipalities.

The Puerto Rico Oversight Board approved a negotiated plan for restructuring the GDB’s $4.8 billion in debt.

The organizational session set the stage to address disputes in a restructuring of $47.5 billion of Puerto Rico’s debt.

Puerto Rico’s municipal government finances deteriorated in fiscal year 2016 from a year earlier, according to a locally-created study.

With fiscal year 2017 nearing an end in Puerto Rico, the Oversight Board was threatening to approve a budget Friday morning without local government agreement and the electric power authority was on the verge of default on a $423 million bond payment due Monday.

Puerto Rico Title III Judge Laura Taylor Swain retained control over deciding about the island's sales tax bonds and diminished the Oversight Board’s role in the case at Wednesday’s hearing.

The Puerto Rico legislature approved a General Fund budget without debt service, leaving it to the Oversight Board to say where money for bond payments will come from in fiscal 2018.

The governor said the Oversight Board lacks the authority decide about staffing levels and personnel spending.

A group of Puerto Rico bondholders accused the Oversight Board and governor of minimizing the commonwealth's health in a proposed budget that is too generous to non-debt holders.

A restructuring deal affecting $4.1 billion of Puerto Rico Government Development Bank debt has gained the support of over 50% of its bondholders.

Puerto Rico’s Oversight Board sent a letter to Puerto Rico’s leaders warning of a waning resolve to deal with a dire financial situation.

The judge overseeing Puerto Rico’s Title III bankruptcy process named five judges to help mediate disputes over island government and sales tax bonds in the biggest municipal restructuring in U.S. history.

U.S. Sen. Tom Cotton, R-Ark., attacked the Puerto Rico Oversight Board’s plan to slash bondholder payments as illegal.

Puerto Rico’s voters overwhelmingly voted on Sunday for the island to become a state in a vote the opposition chose to boycott.

Puerto Rico’s government and Oversight Board have declined to say what debt service bondholders should expect in the coming fiscal year despite repeated inquiries.

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%.

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.