Bond insurance company MBIA Inc. sued several financial institutions on Thursday over their role in underwriting billions of dollars of Puerto Rico bonds that eventually went into default. The lawsuit filed in superior court in San Juan claimed the banks …
Puerto Rico’s federally created financial oversight board said on Thursday it sued some owners of potentially invalid bonds of the bankrupt U.S. commonwealth, as well as Wall Street banks and firms that participated in various debt issuances in an effort …
Bond insurance companies that were not part of a preliminary deal to restructure debt issued by the Puerto Rico Electric Power Authority (PREPA) have relaunched litigation seeking a receiver for the bankrupt agency. The move could signal that Puerto Rico …
Two major holders of Puerto Rico bonds that opposed a restructuring deal for the bankrupt U.S. commonwealth’s Sales Tax Financing Corporation (COFINA) revenue bonds are now part of the agreement, the island’s federally appointed oversight board announced on Friday. The …
A U.S. federal judge on Tuesday dismissed a lawsuit by some of Puerto Rico’s bondholders, who had argued that the U.S. territory broke the law by defaulting on constitutionally-guaranteed debt despite having the money to make payments. Judge Laura Taylor …
The Trump administration last week asked Congress for $29 billion in disaster aid to cover ongoing hurricane relief and recovery efforts and to pay federal flood insurance claims. The request comes as the government is spending almost $200 million a …
Puerto Rico bond insurer Assured Guaranty Ltd. said late on Friday it voluntarily withdrew a complaint that challenged the legality of the island’s fiscal turnaround plan, citing the devastating impact of Hurricane Maria. The move may temporarily ease Puerto Rico’s …
Investors in Puerto Rico’s debt-burdened economy still face risks of default on some of the island’s $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack …
The question of whether bankruptcy is a good option for Puerto Rico came to a head at an investor conference featuring the island’s top restructuring adviser and head of one of the bond insurers with the most exposure to the …
A second lawsuit over Puerto Rico’s debt default will be joined with a similar suit in order to save time and money and avoid inconsistent rulings, a U.S. federal judge said on Thursday. Financial Guaranty Insurance Co., or FGIC, sued …
