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Puerto Rico ends historic bankruptcy process

This Tuesday, a $33 billion cut on central government obligations is set to go into effect. This is the result of five years of litigation and negotiations that will become a future benchmark for the U.S. municipal market.

March 15, 2022 - 6:44 PM

Archival note

This content was published more than 2 years ago.

Financial Oversight and Management Board executive director Natalie Jaresko (left) and chairman David Skeel (right) walk after ending a meeting with members of Puerto Rico's Legislature. (teresa.canino@gfrmedia.com)

By Joanisabel González

Editora de Negociosjoanisabel.gonzalez@gfrmedia.com

When this Tuesday, the syndicate of investment banks led by JP Morgan closes the bond exchange that will restructure the central government’s obligations, Puerto Rico’s bankruptcy process will become a benchmark in the U.S. municipal debt market, said David Skeel, chairman of the Oversight Board.