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From bondholders to contractors to be affected

A territorial bankruptcy process under Tittle III of Promesa protects only government essential services

3 de mayo de 2017 - 8:36 AM

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This content was published more than 7 years ago.
The Cofina bonds include a repayment system wherein revenues from the Sales and Use Tax are used first to cover for what is owed to bondholders and whatever remains goes to the government. (Shutterstock)
The Cofina bonds include a repayment system wherein revenues from the Sales and Use Tax are used first to cover for what is owed to bondholders and whatever remains goes to the government. (Shutterstock)

Managing Puerto Rico’s deb under a territorial bankruptcy process entails a path full of legal uncertainties that offer only two guaranties: bondholders will have no other option than to negotiate and the cuts in debt will go beyond what is owed to Wall Street.

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