The U.S. Supreme Court on Monday declined to take up a dispute that has roiled the $3.8 trillion U.S. municipal bond market over payments on special revenue bonds that grew out of Puerto Rico’s ongoing bankruptcy. The justices left in …
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 …
A U.S. Appeals Court ruling last month in Puerto Rico’s bankruptcy led Fitch Ratings on Thursday to place seven city, school, and health care ratings in states including Illinois and California on a watch list for potential downgrades. The credit …
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 …
MBIA Inc.’s National Public Finance Guarantee is urging Puerto Rico’s federal board to consider putting a receiver in charge of the island’s bankrupt power utility after the electricity provider lost two chief executive officers last week amid an uproar over …
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 …
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 companies with the most at stake in Puerto Rico’s debt crisis have become buyers of the island’s bonds. MBIA Inc.’s National Public Finance Guarantee Corp. and Ambac Financial Group, which together insure about $19 billion of the U.S. territory’s …
