Governor Alejandro García Padilla said Wednesday that the island will make all payments except for $37.3 million.
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Puerto Rico first defaulted on a payment due to bond holders of the Public Finance Corporation, a subsidiary of the island’s Government Development Bank, in August when it failed to make the full $58 million due.
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Thank you for reading and relying on TulsaWorld.com for your news and information. Padilla has pushed, unsuccessfully, for Congress to change the law and allow Puerto Rico to declare bankruptcy.
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Puerto Rico’s economic problems have been compounded by migration to the U.S.The Census Bureau reported last week that the island’s population fell by 1.7% in the year ended June.
The U.S. territorial island has agreed to invest around $77 million to improve stormwater systems in the municipality of San Juan that are now releasing an estimated 6 million gallons of untreated sewage into local waterways every day, or more than 2.2 billion gallons every year, noted the release.
“Puerto Rico is at a dead end, shifting funds from one creditor to pay another and diverting money from already-depleted pension funds to pay both current bills and debt service”, the Treasury said in a statement. However, some agencies returning cash to the government are still expected to make their January 1 payments using funds from emergency reserves they had set up in advance, according to The New York Times, although regulatory filings indicate that PRIFA has no such rainy day fund.
Puerto Rico has been negotiating with creditors to try and persuade them to take a reduction. Puerto Rican officials say that payment will be made.
Tawil said that while a default of GO bonds is probably inevitable, there is a slim possibility that either Congress will take action or a settlement could be reached with creditors ahead of a default.
What’s next for Puerto Rico?
The announced January 1 defaults are “remarkably mild” given the commonwealth’s repeated warnings about its dwindling resources, wrote Daniel Hanson, an analyst at the Washington-based investing firm Height Securities, in a report on Wednesday. The debt traded at an average price of 73 cents on the dollar, up from 71.5 cents Tuesday, data compiled by Bloomberg show.
He believes Puerto Rico should have the same Chapter 9 bankruptcy rights that all 50 states have.
After that, the major hurdle is a May 1 payment.
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The island owes about $400 million due February 1, most of which is due to Puerto Rico Sales Tax Financing Corp, or COFINA.
