Puerto Rico

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

Bond insurers Assured Guaranty, Assured Guaranty Municipal and National Public Finance Guarantee filed a challenge to Puerto Rico’s certified fiscal plan.

Puerto Rico's government and oversight board will both have roles, said board member David Skeel.

The Oversight Board filed the petition with U.S. District Court in Puerto Rico.

Fitch Ratings said it has downgraded Puerto Rico Aqueduct and Sewer Authority bonds to C from CC.

Puerto Rico Gov. Ricardo Rosselló said Wednesday morning that the start of a Title III bankruptcy process for Puerto Rico was imminent.

Legislators and others urged Puerto Rico to pursue a court-organized debt restructuring.

Puerto Rico’s fiscal and debt crisis moved into a new phase marked by riots, active lawsuits, and biting political attacks.

With a 4:45 p.m. Monday deadline past, there was no announcement from the Oversight Board on use of Title III in the debt reorganization.

Puerto Rico bondholders rejected Governor Ricardo Rossello’s debt-restructuring proposal days before a May 1 deadline to craft a deal or face a potential wave of creditor lawsuits.