Puerto Ricanstruction: Judge Orders Bond Restructuring, Possibly Signaling More Relief | WBEZ
Skip to main content

Worldview

Puerto Ricanstruction: Judge Orders Bond Restructuring, Possibly Signaling More Relief

Last Tuesday, the Federal Judge tasked with Puerto Rico’s bankruptcy approved a plan to reduce $4 billion owed by the former Government Development Bank. This decision suggests that another plan coming down the pike that would cut $7 billion from the debts owed by COFINA, Puerto Rico’s bond issuer, would also be approved. Puerto Rico owes a total of $74 billion to largely-private bondholders in the United States, through local credit unions also own some of the debt as well. On Sunday, Axios reported that the Trump administration would not approve of any more recovery funding to Puerto Rico as a result of Hurricane Maria. This came after the President falsely claimed in a Tweet that the Puerto Rican government was illegally using relief dollars to directly pay down its debts. To discuss, we’re joined by Cate Long, a principal researcher for the Puerto Rico Clearinghouse, which provides bondholders independent research and analysis on the legal and legislative efforts to restructure the municipal debt of Puerto Rico


Get the WBEZ App

Download the best live and on-demand public radio experience. Find out more.

CLOSE X