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Puerto Rico is one step closer to resolving its nearly five-year bankruptcy battle after a federal judge approved a restructuring plan that would reduce the
A federal judge on Tuesday approved a plan to restructure Puerto Rico's bond debt, which had plunged the U.S. territory into the country's largest municipal bankruptcy in history.Judge Laura ...
Puerto Rico would reduce a major portion of its debt by more than 60% under a long-awaited restructuring proposal the bankrupt U.S. commonwealth's federally created financial oversight board filed ...
Puerto Rico’s nearly five-year bankruptcy battle is ending after a federal judge on Tuesday signed a plan that slashes the U.S. territory’s public debt load as part of a restructuring and ...
The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. [a] The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt.
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On June 29, 1993, it acquired Caribbean Federal Savings Bank of Puerto Rico, [3] followed by the Fajardo Federal Savings Bank [4] on August 5, 1998, then Continental Capital Corp. [5] on October 7, 1999, and finally Crown Group, Inc. [6] on June 7, 2002.
The agreement involves more than $17 billion worth of government bonds backed by a sales-and-use tax, with officials saying it will help the government save an average of $456 million a year in ...