Relevant:
- Imploded: Westernbank Puerto Rico, Mayaguez, Puerto Rico
- Puerto Rico requests bankruptcy protection for public debt (LARGEST IN HISTORY)
- Puerto Rico Faces Record $2B Default July 1st: A Look at the Bonds Due
- Puerto Rican bankruptcy debate divides U.S. politicians down party lines
- Imploded: R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico
2014-06-30 — wsj.com
Funds managed by Franklin Templeton Investments and OppenheimerFunds Inc. asked the U.S. District Court for the District of Puerto Rico to block the law, arguing that only Congress is allowed to create bankruptcy rules. The funds hold about $1.7 billion combined in debt from the Puerto Rico Electric Power Authority, which they say they believe will seek to restructure its debt under the act "imminently."
...
Bonds from some Puerto Rican agencies fell last week after the legislation was proposed and credit-rating firms downgraded the utilities. Fitch Ratings said "bondholders now face a probable financial restructuring or default" by the power authority. Bonds from that agency maturing in 20 years or longer fell 15% last week, while those coming due sooner fell as much as 40%, the filing said.
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