Posted on 01/18/2022 5:37:35 PM PST by devane617
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 Taylor Swain ruled in favor of the Plan of Adjustment that was years in the making, through arduous negotiations between the island's Fiscal Oversight Board, debtors and the government.
According to Board officials, the plan will reduce Puerto Rico's debt by 80 percent and save the island more than $50 billion in debt payments.
Puerto Rico Gov. Pedro Pierluisi said the approval of the plan "represents a great step for the economic recovery of our island."
"The agreement, although imperfect, is very good for Puerto Rico and it protects our pensioners, the university and our municipalities, which serve our people," added Pierluisi.
Key debtors like BlackRock Financial Management Inc. and Silver Point Capital LP supported the plan, according to a report by The Wall Street Journal.
(Excerpt) Read more at thehill.com ...
Return PR to Spain.
Only as long as Spain takes AOC with it.
Key debtors like BlackRock Financial Management Inc. and Silver Point Capital LP supported the plan, according to a report by The Wall Street Journal.
I remember a freeper bragging about his return invested with BlackRock. He did not understand his high rate was from a great risk.
Why do we even have puerto rexico? Its like having a kid living in your basement in his 30s
Look up Act 20/22. Peter Schiff lives here and none of the rich pay any federal taxes
Puerto Rico Gov. Pedro Pierluisi said the approval of the plan “represents a great step for the economic recovery of our island.”
“Why do we even have puerto rexico?”
The Spanish American War was how we acquired Puerto Rico.
PR wins, Blackrock wins, Silverpoint wins.
PR borrowed a lot of money and now doesn't have to pay it back.
Who loses?
Us, the taxpayer?
“ The Spanish American War was how we acquired Puerto Rico”
I suppose we lost that one
The ChiComs are probably willing to buy Roosevelt Roads to use as a base.
Lemme guess, they did not finance the bonds initially, but bought up the defaulted debt at pennies on the dollar and are now going to reap a windfall- I presume at the expense of the taxpayers.
PS how much of the borrowed funds went for the stated purpose and how much of it ended up in off-shore accounts of our ne'er do wells.
“I think we just got screwed.”
A whole lot of people who were dumb enough to buy municipal bonds in PR just took a serious haircut, that’s for sure.
L
Free Puerto Rico ENTIRELY! Let them have their own country and make it on their own without evil imperialist United States meddling (or support).
Works for me....
just cut them loose as an independent country and be done with it. Spain would be foolish to consider taking that responsibility.
“Why do we even have puerto rexico?”
Where would Caribbean “immigrants” get their fake birth certificates?
From post #11:
“The ChiComs are probably willing to buy Roosevelt Roads to use as a base”.
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