Breaking Puerto Rico Files For $123 Billion Bankruptcy
Friday, August 21, 2020
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Title : Breaking Puerto Rico Files For $123 Billion Bankruptcy
link : Breaking Puerto Rico Files For $123 Billion Bankruptcy
Puerto Rico has some $73 billion of bond debt, together with close $50 billion of unfunded pension obligations to restructure.
The representative volition non move formally called bankruptcy, since Puerto Rico is barred from using Chapter 9, the park chapter used past times insolvent local governments. It volition instead petition for relief nether a novel federal constabulary for insolvent territorial governments, called Promesa.
(via The New York Times)
UPDATE
Via Bloomberg:
The fiscal collapse promises to impose deep losses on bondholders who for years snapped upwards Puerto Rico’s securities, fifty-fifty every bit the regime contended amongst a shrinking economic scheme together with chronic budget shortfalls. U.S. states can’t file for bankruptcy, together with investors bought the bonds assured that it wasn’t a legal alternative for Puerto Rico either.
The scale of the restructuring is far larger than Detroit’s record-setting bankruptcy, together with it’s unclear how long a courtroom proceeding would concluding or how deep would move the cuts that are imposed on bondholders. The island’s fiscal recovery innovation covers less than a quarter of the debt payments due over the side past times side decade, assuming Puerto Rico’s budget tin move steadied.
You are now reading the article Breaking Puerto Rico Files For $123 Billion Bankruptcy with the link address https://inspirationsbymeforyou.blogspot.com/2020/08/breaking-puerto-rico-files-for-123.html
Title : Breaking Puerto Rico Files For $123 Billion Bankruptcy
Breaking Puerto Rico Files For $123 Billion Bankruptcy
The governor of Puerto Rico, Ricardo Rosselló, said he volition accept the island’s debt crisis into federal bankruptcy court, making it the largest regime to attempt refuge from its creditors inwards USA history.Puerto Rico has some $73 billion of bond debt, together with close $50 billion of unfunded pension obligations to restructure.
The representative volition non move formally called bankruptcy, since Puerto Rico is barred from using Chapter 9, the park chapter used past times insolvent local governments. It volition instead petition for relief nether a novel federal constabulary for insolvent territorial governments, called Promesa.
UPDATE
Via Bloomberg:
The fiscal collapse promises to impose deep losses on bondholders who for years snapped upwards Puerto Rico’s securities, fifty-fifty every bit the regime contended amongst a shrinking economic scheme together with chronic budget shortfalls. U.S. states can’t file for bankruptcy, together with investors bought the bonds assured that it wasn’t a legal alternative for Puerto Rico either.
The scale of the restructuring is far larger than Detroit’s record-setting bankruptcy, together with it’s unclear how long a courtroom proceeding would concluding or how deep would move the cuts that are imposed on bondholders. The island’s fiscal recovery innovation covers less than a quarter of the debt payments due over the side past times side decade, assuming Puerto Rico’s budget tin move steadied.
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You are now reading the article Breaking Puerto Rico Files For $123 Billion Bankruptcy with the link address https://inspirationsbymeforyou.blogspot.com/2020/08/breaking-puerto-rico-files-for-123.html
