I wonder if this will be helpful … nowadays no one is trustworthy!
This article, by William Selway and Alexander López, covers a new deal with major bondholders; if approved by other creditors, the financial oversight board and a U.S. court, investors would receive bonds issued by a new entity that would take over its assets, which are worth some $5.3 billion. It includes a Bloomberg video of an interview with Jim Millstein (CEO of Millstein & Co), who says that Title III was inevitable for Puerto Rico.
Puerto Rico said creditors of the insolvent government development bank agreed to accept losses by exchanging their bonds for new securities, moving the island another step toward escaping from some of its crushing debts.
Governor Ricardo Rossello said Monday that his administration struck a deal with major bondholders of the bank, which borrowed for the U.S. territory until the island’s fiscal crisis pushed it to default. If approved by other creditors, the financial oversight board…
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