Puerto Rico’s financial supervisors struck a deal with creditors owed $3 billion that sets out a path for restructuring $35 billion in debt obligations tied to the central government and scaling back debt payments over the next 30 years by half.
The U.S. territory’s oversight board said the agreement marks an acknowledgment by bondholders “that Puerto Rico’s difficult financial situation requires a meaningful reduction in its debt burden to a sustainable level.”
Source: Loan Digest (loandigest.net)
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Puerto Rico's oversight board strikes $35 billion restructuring deal with commonwealth's bondholdersThe agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general obligation or 'GO' bonds, and a 27% haircut on public authority bonds that carry a constitutional guarantee on payment. Don’t laugh at me but when I read the part about haircuts 💇 💇♂️ I got so confused momentarily ; I blurted out loud “$35 billion for haircuts ? “ . I’m glad Puerto Rico 🇵🇷 is being helped but they still need more help for the poorer residents on the island . The price of allowing corruption to reign unchecked for decades while being a welfare dependent of the US. Hurricanes just revealed how incompetent the government was.
Source: CNBC - 🏆 12. / 72 Read more »
Puerto Rico's oversight board strikes $35 billion restructuring deal with commonwealth's bondholdersThe agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general obligation or 'GO' bonds, and a 27% haircut on public authority bonds that carry a constitutional guarantee on payment. Don’t laugh at me but when I read the part about haircuts 💇 💇♂️ I got so confused momentarily ; I blurted out loud “$35 billion for haircuts ? “ . I’m glad Puerto Rico 🇵🇷 is being helped but they still need more help for the poorer residents on the island . The price of allowing corruption to reign unchecked for decades while being a welfare dependent of the US. Hurricanes just revealed how incompetent the government was.
Source: CNBC - 🏆 12. / 72 Read more »
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