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.
Puerto Rico has encountered further negative publicity as a result of its financial crisis. Puerto Rico has encountered further negative publicity as a result of its financial crisis.
U.S. Senate Republicans presented a bill that would allocate $3 billion in federal assistance to help dig Puerto Rico out of its massive $72 billion debt crisis.
The Puerto Rican government, scrambling to avert the U.S. territory's impending default, is facing unexpected opposition from the Wal-Mart chain, which is suing the commonwealth in an attempt to overturn new taxes the retailer claims are discriminatory and violate the Constitution and federal law.
On Friday the Supreme Court agreed to listen to Puerto Rico's request to reinstate a law which might allow the U.S. territory to restructure $20 billion of their massive debt
Eugenio Derbez has found the next project he will direct. Eugenio Derbez has found the next project he will direct. Variety is reporting that Derbez will helm and star in the upcoming film entitled "Ponce.
Puerto Rico faces a critical deadline in its fiscal crisis on Tuesday, as the U.S. territory could default if it does not make a $355 million payment due this week.
