Puerto Rico governor sets aside $146M to pay portion of debt
Feb 10, 2017
Puerto Rico's new governor says he has set aside $146 million to pay a portion of debt due on general obligation bonds as the U.S. territory seeks to restructure nearly $70 billion in public debt
SAN JUAN, Puerto Rico — Puerto Rico's new governor says he has set aside $146 million to pay a portion of debt due on general obligation bonds as the U.S. territory seeks to restructure nearly $70 billion in public debt.
Ricardo Rossello says he also plans to pay $1.3 million worth of interest on bond payments that were due earlier this month.
He said Thursday that the moves will help Puerto Rico regain its credibility so the government can re-enter the capital market. The island has defaulted on millions of dollars' worth of bond debt in recent months, prompting a flurry of lawsuits filed by angered creditors.
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