Monday, October 23, 2017

Fiscal oversight board amends Title III petition

By on May 5, 2017

SAN JUAN – The Financial Oversight & Management Board has amended its Title III bankruptcy petition to replace its list of 20 largest unsecured government creditors.

The list was amended to add New York-based Cede & Co. as nominee of the Depositary Trust Company with a bond debt of $12.09 billion. The DTC provides depository and book-entry services and operates a securities settlement system.

The name of the company replaces Banco Popular, which on Wednesday said it was not a bond trustee of the funds but a collection agent.

The government of Puerto Rico, which in 2015 first announced it could not pay its debts, petitioned for bankruptcy on May 3, stating that its aggregate public-sector debts total nearly $74 billion.

The governor confirmed also that it was filing a petition to declare bankruptcy on the Public Sales Tax Financing Corp. or Cofina.

Puerto Rico Government commences debt restructuring under Title III

 

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