{"id":6152,"date":"2017-05-17T15:36:41","date_gmt":"2017-05-17T20:36:41","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1582"},"modified":"2022-05-19T09:40:57","modified_gmt":"2022-05-19T14:40:57","slug":"hedge-funds-pensioners-scramble-debt-payment-owed-puerto-rico","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/hedge-funds-pensioners-scramble-debt-payment-owed-puerto-rico\/","title":{"rendered":"Hedge Funds and Pensioners Scramble For Debt Payment Owed To Them By Puerto Rico"},"content":{"rendered":"

In the wake of Puerto Rico\u2019s bankruptcy filing, hedge funds are competing with the U.S. territory\u2019s workers to get paid. The island has guaranteed retirees and workers $49 Billion in benefits. However, the federally appointed oversight board expects that it will have to cut pension costs by 10%.<\/p>\n

Even worse for bondholders, they could get less than 25% of what bondholders are owed. This is true even for bondholders with General Obligation debt, which was supposed to have been constitutionally guaranteed. Creditors that own COFINAs, Puerto Rico sales tax bonds, are being offered up to 58 cents on the dollar should the territory\u2019s finances get better. Both sides will appear in federal court in San Juan Puerto Rico in an attempt to try to work out a deal.<\/p>\n

It was just recently that Puerto Rico\u2019s oversight board submitted for Title III bankruptcy protection to help lower Puerto Rico\u2019s $74 Billion of debt and deal with the Commonwealth\u2019s pension crisis. Under Title III, the island can make pension recipients accept reduced benefits.<\/p>\n

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

In the wake of Puerto Rico\u2019s bankruptcy filing, hedge funds are competing with the U.S. territory\u2019s workers to get paid. The island has guaranteed retirees and workers $49 Billion in benefits. However, the federally appointed oversight board expects that it will have to cut pension costs by 10%. Even worse for bondholders, they could get […]<\/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":[3748,3922,4039],"tags":[],"class_list":["post-6152","post","type-post","status-publish","format-standard","hentry","category-hedge-funds","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nHedge Funds and Pensioners Scramble For Debt Payment Owed To Them By Puerto Rico — Investor Lawyers Blog — May 17, 2017<\/title>\n<meta name=\"description\" content=\"In the wake of Puerto Rico\u2019s bankruptcy filing, hedge funds are competing with the U.S. territory\u2019s workers to get paid. The island has guaranteed — May 17, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/hedge-funds-pensioners-scramble-debt-payment-owed-puerto-rico\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Hedge Funds and Pensioners Scramble For Debt Payment Owed To Them By Puerto Rico — Investor Lawyers Blog — May 17, 2017\" \/>\n<meta name=\"twitter:description\" content=\"In the wake of Puerto Rico\u2019s bankruptcy filing, hedge funds are competing with the U.S. territory\u2019s workers to get paid. The island has guaranteed — May 17, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hedge Funds and Pensioners Scramble For Debt Payment Owed To Them By Puerto Rico — Investor Lawyers Blog — May 17, 2017","description":"In the wake of Puerto Rico\u2019s bankruptcy filing, hedge funds are competing with the U.S. territory\u2019s workers to get paid. 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