We have a financial crisis that is suffocating the people - working class families, students, everyone." added Soto "The Island is losing a doctor everyday while fighting Zika, and facing a 12.4 percent unemployment rate, school closings and other merciless austerity measures.
The next step for Puerto Rico in the bankruptcy filing is for the Supreme Court to designate a bankruptcy judge to handle the case.
Puerto Rico's economy has been in recession for roughly 10 years.
One building contractor who was owed more than $1 million received two payments from the Government Development Bank for a total of $164,030 - only to see them bounce.
More than 2,000 investors have already filed claims based on representations from the island broker-dealers that the bonds were safe. "It was the right decision to seek Title III and the right decision to grant it".
There are multiple reasons for Puerto Rico's troubles, analysts, officials and residents say, including decades of poor fiscal management and the failure to build the tourism industry to its full potential. This is the first PROMESA Title III filing ever, and there have been relatively few filings under chapter 9 of the Bankruptcy Code-the closest equivalent.
Rossello sent a letter to the Financial Oversight and Management Board on Tuesday, saying he hopes the Title III proceedings will "accelerate the negotiation process, leading to as much creditor consensus where possible and achieving where necessary a prompt and efficient judicial resolution of any issues or disputes".
The control board said the move to restructure a portion of the debt in court will help Puerto Rico gain access to the capital markets after credit rating agencies downgraded the island's debt to junk status in recent years.
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Puerto Rico's fiscal plan, rejected by creditors, would have it pay $800 million a year in debt service, an 80% cut in what it would otherwise owe.
As businesses and people say goodbye to Puerto Rico, there's even less money to pay back creditors.
This is probably not an option for Puerto Rico.
The board members and others authorities could not be immediately reached for comment as the lawsuits landed before dawn.
The Commonwealth of Puerto Rico is seeking the largest municipal bankruptcy filing in United States history, after failed negotiations with creditors over its $70 billion debt crisis.
Sort of. As a USA territory, the island can not follow the court process used by other US municipal governments such as Detroit.
He also noted that that the government has to walk a fine line with bondholders amid negotiations.
Today, Title III may be all that stands between order and the kind of economic chaos suffered by the people of Germany during the Weimar period following World War I. Understandably, investors who are affected by the crisis are greatly concerned about what will happen next. "Where that sweet spot is, nobody exactly knows".
Rosselló latest offers to creditors show the commonwealth believes general obligations should receive a better recovery than its sales-tax bonds, another major class of its debt.