"SAN JUAN, Puerto Rico (AP) — The Puerto Rico government is offering to pay its senior creditors around 50 cents on the dollar as part of efforts to address its economic crisis.
The government released at midnight Friday its offer to holders of constitutionally backed general obligation and sales-tax bonds. It provides $16.75 billion to cover a $36.38 billion debt, though bondholders could receive an additional $8 billion if the government receives more money than forecast over the next decade.
...The commonwealth loses protection from creditor lawsuits at midnight Monday, but the federal oversight board overseeing Puerto Rico's efforts to straighten out its finances is considering a bankruptcy-like path to restructuring debt that would also give protection from lawsuits..."
No comments:
Post a Comment