Puerto Rico is trying another financial strategy to finally eradicate its whopping $72 billion debt. The country has recently suggested a bond swap to some of its creditors for the almost $50 billion debt, Fox News Latino reports.
The government of Puerto Rico on Feb. 1 released the details of its plan to restructure the commonwealth's massive debt and satisfy creditors' demands, but the island's creditors was questioned by one bond insurer.
Puerto Rico will take the next step in efforts to resolve its fiscal crisis on Jan. 29 by presenting investors with an offer to swap existing bonds for two new types of securities.
Dozens of U.S. Senate Democrats have urged Republican Majority Leader Mitch McConnell, R-Ky., to act quickly on legislation that would give Puerto Rico access to bankruptcy protections and thus help the island territory address its dire fiscal situation.
The San Juan native will be honored for his representation of Puerto Rican culture and talent. Puerto Rican music superstar Ricky Martin will be receiving a star on the Walk of Fame in Puerto Rico on Feb.
The Puerto Rico Electric Power Authority (PREPA) announced on Jan. 24 that it has reached a temporary deal with some of its creditors that will protect the agency from litigation through Feb. 12 and thus secure time needed to continue restructuring talks with bondholders.
U.S. Treasury Secretary Jack Lew paid a visit to Puerto Rico, where he held a press conference urging Congress to take action to help alleviate the island's massive debt and humanitarian crisis.
US Territory, Puerto Rico will be welcoming US Treasury Secretary Jacob Lew this Wednesday as the island continues to struggle with its growing deficit and public debts that are projected to balloon up to $24 billion in 2020, Fox News Latino reports.
The U.S. Centers for Disease Control and Prevention has recently issued a travel warning for 14 Latin American nations and Caribbean territories that have exposed to Zika virus, a mosquito-borne virus connected to the increasing rate of birth defects in Brazil. The alert was issued late Friday and it includes Brazil, Colombia, El Salvador, French Guiana, Guatemala, Haiti, Honduras, Martinique, Mexico, Panama, Paraguay, Suriname, Venezuela and Puerto Rico.
Activists are appealing to the Puerto Rican government to amp up their efforts for animal protection after the country was revealed to be last among U.S. territories in animal welfare.
American video game retailing company, GameStop, is shutting down all of its stores in Puerto Rico amid the island's on-going economic crisis. A total of 35 stores will be closed at the end of March with at least 400 employees losing their jobs.
The movie stars some of the most popular Dominican and Puerto Rican comedians. Pamotran Films' latest movie, "Los Domirriqueños," combines veteran comedians from Puerto Rico and the Dominican Republic for a fun and hilarious take on Latino culture and the ongoing disagreements between the two Latino groups.
Puerto Rico Gov. Alejandro Garcia Padilla announced bond insurers have sued the island. Adding on to the commonwealth’s financial crisis, Puerto Rico has now been sued for failing to repay creditors.
Puerto Rico's government is readying for the legal fallout from its latest default on debt payments, with Gov. Alejandro García Padilla noting that the U.S. territory is trying to anticipate potential lawsuits but admitting that it would be "very hard (to be) 100 percent prepared."
In light of the scheduled payment due Monday for Puerto Rico, which owes almost millions in debt from its investors, the island is paying out nearly $1 billion, a part of its debt that they previously announced as default since August.
Puerto Rico may default on at least some of its bond payments as early as Jan. 1, 2016, which might lead some bondholders to file suit and others to hold off to see if the U.S. commonwealth might recover some liquidity.
Puerto Rico lost 9 percent of its population since 2004 because of economic crisis caused by lack of liquidity after paying back its $72 billion public debt.
