Puerto Rico

Ricardo Rosselló Nevares' election as Puerto Rico's next governor is seen as positive for bondholders as the island's debt restructuring looms.

The city government of Toa Baja, Puerto Rico, shut down Monday due to lack of money, a path a municipal expert said other Puerto Rico municipalities will likely take in the next 12 months.

The judge hearing all the debt lawsuits in Puerto Rico’s federal court ruled for a continued stay in three cases, saying the delay in litigation won’t hurt the investors’ interests.

The Government Development Bank for Puerto Rico, with about $3.8 billion of debt outstanding, may fail and it’s possible that the island’s cities and public corporations won’t get all their deposits back, said Puerto Rico Secretary of the Treasury Juan Zaragoza.

Puerto Rico-based tax, economic and investment banking specialists are criticizing the 10-year fiscal plan the governor submitted to the Puerto Rico Oversight Board last month.

Puerto Rico announced that pharmaceutical giant Biogen will open a drug manufacturing factory on the island, creating 350 jobs.

Puerto Rico Gov. Alejandro García Padilla nominated five professionals for the board of directors of the Puerto Rico Electric Power Authority and three for the board of the entity planned to issue a securitized version of PREPA’s debt.

In a sign of the challenges the federal board overseeing Puerto Rico’s debt workout may face, the island’s power authority’s deal to restructure more than $8.3 billion remains mired in litigation.

Chairman of the Board of the Puerto Rico Electric Power Authority Harry Rodríguez resigned Tuesday.

The Puerto Rico Oversight Board urged the judge in four key Puerto Rico debt cases to continue a freeze on the litigation.