Puerto Rico Order to reduce bond
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FAQ
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
By 2015, Puerto Rico defaulted on a $58 million bond payment and by January 2016 had defaulted on another $174 million in bond debt. As a result, the value of Puerto Rico's municipal bonds (and any corresponding closed-end bond funds) has fallen dramatically, causing substantial losses for investors.
They are issued under resolutions adopted by COFINA's board of directors will be payable from and secured by a security interest created by the Resolution in a specified portion of the Puerto Rico Sales and Use Tax ("Pledged Sales Tax").
Puerto Rico's financial oversight board is considering slashing ? by about half ? the amount of new bonds it claims the island's bankrupt power utility can repay, a potential offering that bondholders will most likely reject.
September 28, 2023 WASHINGTON ? U.S. Senator Roger Wicker, R-Miss., recently reintroduced the Puerto Rico Status Act, legislation which would provide Puerto Ricans the full range of options for a future referendum on the island's status as a commonwealth.
Puerto Rican financial board seeks an end to power company's debt-restructuring process. The federal board overseeing the island's finances filed a new plan that would reduce the power company's debt from $10 billion to $2.5 billion, excluding pension liabilities.
The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrading, in turn, prevented the government from selling more bonds in the open market.