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In The Shadow Of Hurricane Maria, Puerto Rico Likely To Delay Producing Debt Repayment Plan

Video Credit: Wochit - Duration: 00:46s - Published < > Embed
In The Shadow Of Hurricane Maria, Puerto Rico Likely To Delay Producing Debt Repayment Plan

In The Shadow Of Hurricane Maria, Puerto Rico Likely To Delay Producing Debt Repayment Plan

Reuters reports a plan to restructure Puerto Rico's core government debt likely can't be completed by the end of April.

Natalie Jaresco is the executive director of Puerto Rico’s federally created financial oversight board.

She said on Monday it was unrealistic to expect to meet the deadline, and added that board’s goal is to seek court confirmation of a plan before year end.

Negotiations are ongoing with creditors over a plan of adjustment for roughly $13 billion of general obligation debt and almost $50 billion in unfunded pension obligations.

However, the board has asked the court to void more than $6 billion of GO bonds issued in 2012 and 2014.

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