Puerto Rico

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.

Puerto Rico Resident Commissioner Jenniffer González Colón said that an extension of the Puerto Rico Oversight, Management and Economic Stability Act litigation stay was unlikely.

The Puerto Rico Oversight Board’s plan to have enough money to pay 26% of debt due in the next nine years is a “first salvo” whose debt payment terms can be negotiated, experts say.

The SEC wants a Puerto Rico federal court to agree that Jose Ramirez, a former UBS Puerto Rico employee, engaged in a scheme to defraud investors in closed-end funds with large investments in Puerto Rico bonds.

The House Natural Resources Committee, which played a key role in creating PROMESA, will hold a hearing in one of its subcommittees on March 22 to discuss PREPA’s restructuring support agreement.