{"id":4148,"date":"2017-01-31T17:13:09","date_gmt":"2017-01-31T23:13:09","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4148"},"modified":"2022-03-25T13:31:51","modified_gmt":"2022-03-25T18:31:51","slug":"puerto-rico-defaults-debt-payments","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-defaults-debt-payments\/","title":{"rendered":"Puerto Rico Defaults on More Debt Payments"},"content":{"rendered":"

\t\t\t\tThe Puerto Rico government has defaulted on more debt payments that were due to bondholders. The U.S. Territory did not meet the February 1, 2017 due date on $312 million in principal plus interest. The default includes Puerto Rico General Obligation bonds that are supposed to be constitutionally protected. <\/p>\n

The Puerto Rican Government Development Bank owes $279 million of the defaulted debt. A spokesperson for Puerto Rico\u2019s Aqueduct and Sewer Authority, however, said that the Commonwealth paid $295 million of interest, which was due on some of the debt.<\/p>\n

Puerto Rico owes $70 billion of debt and the island has been embroiled in financial troubles for over three years. The territory has struggled to pay back the debt it owes, defaulting more than once on payments that were due. Last weekend, Puerto Rico\u2019s federal oversight board voted to extend the stay placed on litigation against the island for debt payments that have been missed. The stay was supposed to lift on February 15, 2017. Now that date is May 1, 2017.<\/p>\n

The island\u2019s new governor, Ricardo Rossell\u00f3, was also granted an extension for when he has to turn in a fiscal blueprint, mapping out how Puerto Rico plans to restore its fiscal health. He now has until February 28, 2017.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Puerto Rico government has defaulted on more debt payments that were due to bondholders. The U.S. Territory did not meet the February 1, 2017 due date on $312 million in principal plus interest. The default includes Puerto Rico General Obligation bonds that are supposed to be constitutionally protected. The Puerto Rican Government Development Bank […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3800,3787,3855,4039,3755],"tags":[2712,2713],"class_list":["post-4148","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-merrill-lynch","category-morgan-stanley","category-municipal-securities-offerings","category-puerto-rico-bond-funds","category-ubs","tag-popular-securities","tag-santander-securities"],"yoast_head":"\nPuerto Rico Defaults on More Debt Payments — Investor Lawyers Blog — January 31, 2017<\/title>\n<meta name=\"description\" content=\"The Puerto Rico government has defaulted on more debt payments that were due to bondholders. 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