The deal, which took about three months of negotiations, is expected to be filed with the court within 30 days with bondholders anticipating the plan's ultimate approval by early 2020, according to a source familiar with the settlement agreement. Póngase en contacto con un abogado de fraude de valores de Puerto Rico en nuestra firma hoy si tiene preguntas o inquietudes con respecto a las inversiones realizadas en PR. Puerto Rico: Vulture Funds to ... JUAN GONZÁLEZ: Well, this is the first legally approved settlement of the Puerto Rico—of Puerto Rico’s $74 billion in debt. Puerto Rico’s plan makes certain bondholders seem like the big losers. "We have fought hard for the interests of the people of Puerto Rico and we are glad to have reached a consensual agreement with creditors that lowers Puerto Rico's total debt burden and its annual debt payments significantly," said the Oversight Board's Executive Director Natalie Jaresko. The territory has agreed to a deal with some of its bondholders to restructure debt. And, on Wednesday, the oversight board announced a tentative deal to restructure more than $50 billion in unfunded pension liabilities. In a surprise move February 9th, embattled Puerto Rico Governor Wanda Vazquez (NPP, R) expressed disapproval over a recently proposed agreement which purports to have brokered a more favorable payment agreement between the US territory and its bondholders than previous agreements of its type. Under the new debt agreement, commonwealth creditors would receive $10.7 billion in new debt, half in GO bonds and half in Puerto Rico Sales Tax Financing Corp. (Cofina by its Spanish acronym) junior lien bonds, which will be created, as well as $3.8 billion in cash. Puerto Rico has reached a deal with creditors who hold $35 billion in its general obligation bonds, passing an important milestone as it tries to resolve its $129 billion debt crisis.. Puerto Rico’s governor, Wanda Vázquez, supported the debt restructuring plan last year, but she recently said the retirees should get sweeteners, too. The proposed settlement would reduce the islands’ bond debt from approximately $35 billion … It would trim the island’s bond obligations to $41 billion from $75 billion — a 45 percent reduction. Sign up for free newsletters and get more CNBC delivered to your inbox. 30/05/2017 11:39pm Dow Jones News. Spanish settlement of Puerto Rico began in the early 1500s shortly after the formation of the Spanish state in 1493 (continuing until 1898 as a colony of Spain) and continues to the present day.On 25 September 1493, Christopher Columbus set sail on his second voyage with 17 ships and 1,200–1,500 men from Cádiz, Spain. Debt Management In Puerto Rico. It also said general-obligation bonds brought to market starting in 2012 had exceeded the territory’s debt limit and would have to be voided. Santander Puerto Rico helped to exacerbate the impending economic disaster by allowing investors to lose billions in Santander Puerto Rico municipal bond funds. In 2014, Standard & Poor’s downgraded Puerto Rico’s general obligation bonds to “junk bond” status – meaning that they were considered among the riskiest of bond investments available. A protester at Puerto Rico’s Capitol building last month. The 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. Though the island’s economy remains fragile — it was battered by a major hurricane that caused a monthslong power failure in 2017 and recently by a series of earthquakes — the government has built up a large supply of cash. Puerto Rico’s financing arm, the Government Development Bank. But the island has also benefited from a flurry of post-disaster rebuilding, which has led to more business-income tax revenue than expected. The Puerto Rican government-debt crisis is a financial crisis affecting the government of Puerto Rico. Puerto Rico (Spanish for 'Rich Port'; abbreviated PR, Taino: Boriken, Borinquen), officially the Commonwealth of Puerto Rico (Spanish: Estado Libre Asociado de Puerto Rico, lit. In February, U.S. District Judge Laura Taylor Swain, who is overseeing the record bankruptcy-like proceedings, approved a deal to restructure about $17 billion of sales tax backed bonds, known as COFINA for the Spanish acronym. The Code of Puerto Rico strictly regulates the activity of insurance adjusters and their conduct. Those suits were put on hold after the judge presiding over Puerto Rico’s bankruptcy, Laura Taylor Swain, ordered both sides into mediation. © 2020 CNBC LLC. Those bondholders said the board’s offer amounted to illegal discrimination and vowed to sue. If you have lost money due to the drop in Puerto Rico tax exempt bond prices, there is a chance for you to recover your losses. Additionally, the court also approved the restructuring of around $4 billion for the Government Development Bank's debt. Zamansky LLC es una firma dedicada a asegurar fondos de UBS Puerto Rico. But if they lost — if the court confirmed that their bonds were invalid — those bondholders would get nothing. The territory was able to improve the deal for bondholders because of a recent economic windfall. Although the agreement removes another of the roadblocks facing the island as it tries to claw its way out of debt, a number of hurdles remain. However, unlike other triple tax exempt bonds, Puerto Rican bonds uphold such exemption regardless of where the bond holder resides. Shares of insurers that have exposure to the island’s debt surged on the news of the plan. Ricardo Arduengo/Agence France-Presse — Getty Images. ALL BONDS Ser 1998, OID: 92.439, Cont Callable, Next Call 03-22-2019 @ 100.000, Priced to … The deal must still be incorporated into the overall debt-adjustment plan that requires Judge Swain’s approval. Money manager Glenn Ryhanych sat in his office in Virginia, waiting for a final resolution of bankrupt Puerto Rico’s nearly two-year saga with its $17.6 billion of sales-tax-backed bonds. Swain’s decision is under appeal. "And we can confidently state that no legislation, executive action or other administrative approval required from the Government of Puerto Rico will be taken to implement an agreement that directly or indirectly supports a Plan of Adjustment that cuts payments to our retirees," Sobrino Vega said. “We are doing a great deal in these agreements to protect the people of Puerto Rico,” she said. The island's oversight board has been making some progress in 2019 after being appointed in 2017 to oversee the $73 billion restructuring, which is the largest in the history of the U.S. municipal bond market. Puerto Rico first defaulted on its general obligation bonds in July 2016, when it failed to pay roughly $1 billion owed to its creditors and hasn't made any payments since. The board argues that the bonds issued in 2012 and 2014 violated the terms of Puerto Rico's constitution and therefore are not valid. El asentamiento español de Puerto Rico comenzó a principios del siglo XVI, poco después de la formación del estado español en 1493 (continuando hasta 1898 como colonia de España) y continúa hasta nuestros días.El 25 de septiembre de 1493, Cristóbal Colón zarpó en su segundo viaje con 17 barcos y entre 1.200 y 1.500 hombres de Cádiz, España. The oversight board in charge of Puerto Rico's ongoing debt restructuring saga announced late on Sunday they have come to terms with bondholders of around $35 billion, which accounts for nearly 50% of the bankrupt island's total bonded debt. It is a sign, though, that mediation to resolve Puerto Rico’s debts, … The oversight board, which was set up in 2016, has also engaged in strong-arm negotiations, including challenging the supremacy of general-obligation creditors, who are accustomed to being paid first. The agreement grew out of those talks, and it will give all three groups of general-obligation bondholders better recovery rates. A group of holders of Puerto Rican general obligation bonds said it is not ready to support a proposed deal to settle a key dispute in the U.S. territory's $120 billion bankruptcy. Among them were Aurelius Capital Management, which has pursued aggressive litigation strategies in other debt meltdowns, most famously in Argentina, where the lawsuits took years to resolve. MBIA jumped nearly 8 percent, and Ambac […] Bonds issued by the government of Puerto Rico and its subdivisions are exempt from federal, state, and local taxes (so called "triple tax exemption"). AAFAF is the acronym for the agency's name in Spanish.
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