Correspondent, New York
Megan's Feed
Oct 22, 2015

Exclusive: Puerto Rico creditor advisers to meet Commonwealth Tuesday – sources

NEW YORK/SAN JUAN (Reuters) – Advisers for several Puerto Rico bondholder groups are scheduled to meet on Tuesday with advisers for the U.S. Territory to discuss debt restructuring, after key talks with one of the groups collapsed, two sources familiar with the matter said on Thursday.

The so-called due diligence meeting is thought to be the first step toward coordinating bondholder efforts to resolve the issue, said one of the sources. They both declined to be named because the talks are confidential.

Oct 22, 2015

Puerto Rico creditor advisers to meet Commonwealth Tuesday -sources

NEW YORK/SAN JUAN, Oct 22 (Reuters) – Advisers for several
Puerto Rico bondholder groups are scheduled to meet on Tuesday
with advisers for the U.S. Territory to discuss debt
restructuring, after key talks with one of the groups collapsed,
two sources familiar with the matter said on Thursday.

The so-called due diligence meeting is thought to be the
first step toward coordinating bondholder efforts to resolve the
issue, said one of the sources. They both declined to be named
because the talks are confidential.

Oct 22, 2015

Puerto Rico faces skeptical senators for Treasury turnaround plan

NEW YORK/SAN JUAN, Oct 22 (Reuters) – U.S. Senators
expressed skepticism about how much they could help debt-ridden
Puerto Rico at a Senate hearing on Thursday, with Democrats
urging the U.S. Treasury to do more on its own and Republicans
quizzing the island’s Governor on its fiscal disclosure.

Puerto Rico, a U.S. territory home to 3.5 million, is
buckling under $72 billion in debt and a 45 percent poverty
rate. With financial creditors resisting reductions to debt
payments and political gridlock threatening proposed spending
reforms, some Puerto Rican leaders have called on the U.S.
government to step in.

Oct 22, 2015

Puerto Rico faces humanitarian crisis without federal action -Treasury

NEW YORK/SAN JUAN (Reuters) – U.S. Treasury Secretary
counselor Antonio Weiss warned that Puerto Rico faces a
humanitarian crisis without federal action, as he appealed to
Congress to help the debt-ridden U.S. territory, in comments to
a Senate committee hearing on Thursday.

Puerto Rico, a U.S. territory home to 3.5 million, is
buckling under $72 billion in debt and a 45 percent poverty
rate. With financial creditors resisting reductions to debt
payments and political gridlock threatening proposed spending
reforms, some Puerto Rican leaders have called on the U.S.
government to step in.

Oct 22, 2015

Analysis: U.S. Treasury presses Congress to help Puerto Rico, but faces tough sell

SAN JUAN/NEW YORK (Reuters) – The Obama administration is
turning up the heat on U.S. lawmakers to help Puerto Rico out of
its worsening debt crisis, but it is likely to face heavy
resistance from the Republican-controlled Congress.

The U.S. Treasury on Wednesday released a list of proposals
it wants Congress to enact to help the U.S. territory, such as
healthcare funding measures, and tax and bankruptcy legislation.

Oct 22, 2015

Treasury presses Congress to help Puerto Rico, but faces tough sell

SAN JUAN/NEW YORK (Reuters) – The Obama administration is turning up the heat on U.S. lawmakers to help Puerto Rico out of its worsening debt crisis, but it is likely to face heavy resistance from the Republican-controlled Congress.

The U.S. Treasury on Wednesday released a list of proposals it wants Congress to enact to help the U.S. territory, such as healthcare funding measures, and tax and bankruptcy legislation.

Oct 21, 2015

U.S. Treasury supports broad bankruptcy protection for Puerto Rico

SAN JUAN/NEW YORK, Oct 21 (Reuters) – The U.S. Treasury on
Wednesday urged Congress to help embattled Puerto Rico, saying
the U.S. commonwealth needs the ability to file for bankruptcy
protection, have independent fiscal oversight, changes to
Medicaid funding and access to the Earned Income Tax Credit.

“Only Congress has the authority to provide Puerto Rico with
the necessary tools to address its near-term challenges and
promote long-term growth,” Treasury said in a statement.

Oct 21, 2015

Puerto Rico breaks off talks with creditor group

By Dan Burns and Megan Davies

(Reuters) – Puerto Rico’s restructuring efforts took a
setback on Wednesday when talks between its Government
Development Bank (GDB) and a group of creditors fell apart with
no “mutually acceptable arrangement,” according to a statement
from the government.

Puerto Rico officials in September proposed restructuring
$18 billion of debt due in the coming five years as part of a
broad plan to pull the island out of financial crisis.

Oct 19, 2015

U.S. Treasury Secretary met with Puerto Rico interest groups

SAN JUAN/NEW YORK, Oct 19 (Reuters) – U.S. Treasury
Secretary Jack Lew on Monday met with Puerto Rican and Hispanic
interest groups to talk about the U.S. territory’s fiscal
problems and address the administration’s efforts to help speed
its economic recovery, the Treasury said in a statement,
confirming an earlier Reuters report.

The U.S. Treasury has repeatedly said it is not bailing out
indebted Puerto Rico but said last week it has been trying to
find ways to help the Commonwealth return to a sustainable
economic path.

Oct 19, 2015

Exclusive: Treasury Secretary to meet Puerto Rico interest groups

SAN JUAN/NEW YORK (Reuters) – U.S. Treasury Secretary Jack Lew is to meet with Puerto Rican and Hispanic interest groups on Monday, said a source familiar with the situation and a spokeswoman for one of the organizations.

The U.S. Treasury has repeatedly said it is not bailing out indebted Puerto Rico but said last week it has been trying to find ways to help the Commonwealth return to a sustainable economic path. The Treasury declined comment on Monday.