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The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. [a] 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.
As of 2021 the payment of PREPA's debt remains in an indefinite "limbo" due to a lack of agreement between the government of Puerto Rico and bond holders. PREPA's debt totals over $9 billion and according to David Skeel, the new president of the Financial Oversight and Management Board for Puerto Rico, it will have to be renegotiated in light ...
Power was previously overseen by the state-owned Puerto Rico Electric Power Authority (PREPA), which went bankrupt in 2017 as the government faced billions of dollars in public debt payments.
Puerto Rico’s government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay ...
Puerto Rico’s nearly five-year bankruptcy battle is ending after a federal judge on Tuesday signed a plan that slashes the U.S. territory’s public debt load as part of a restructuring and ...
Puerto Rico is one step closer to resolving its nearly five-year bankruptcy battle after a federal judge approved a restructuring plan that would reduce the
The Puerto Rico Electric Power Authority (PREPA), whose debt had already reached $9 billion before the hurricane, eventually filed for bankruptcy. Aging infrastructure across the island makes the grid more susceptible to damage from storms; the median age of PREPA power plants is 44 years.
May 3 (Reuters) - Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market.