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  • SAN JUAN, Sept 1- Puerto Rico's public utility PREPA and a key bondholder group have reached the framework of a debt restructuring deal that would include a repayment reduction, or a so-called haircut, of up to 15 percent for bondholders, three people close to the talks said. PREPA, buckling under $9 billion in total debt, has been trying to negotiate a restructuring...

  • NEW YORK July 23- A new offer by bondholders of Puerto Rico's public utility PREPA to refinance billions of dollars in debt was criticized by the utility on Thursday and deemed risky by others. Presented to PREPA on July 7 and made public on Thursday, the bondholders' plan would split about $8 billion of debt into two tranches, with one taking the form of capital...

  • NEW YORK July 23- Bondholders of Puerto Rico's debt-laden public utility PREPA offered to refinance $8 billion in debt by splitting it into two classes of bonds, a move they say would save PREPA $2.5 billion in financing costs through 2025, according to an outline of the proposal made public by the bondholders on Thursday. Plagued by outdated equipment and an...

  • NEW YORK July 23- Bondholders of Puerto Rico's debt-laden public utility PREPA offered to refinance their $8 billion in debt by splitting it into two classes of bonds, a move they say would save PREPA $2.5 billion in financing costs through 2025, according to an outline of the proposal made public by the bondholders on Thursday. Plagued by outdated equipment...

  • July 1- Puerto Rico's distressed power authority, PREPA, avoided default on Wednesday by making a $415 million bond payment, but creditors cautioned if restructuring negotiations with the utility over its $9 billion debt deteriorate it would take legal action. Puerto Rico's governor, Alejandro Garcia Padilla, said on Monday he wanted to restructure the debt...

  • NEW YORK, June 30- Puerto Rico's distressed power utility PREPA is close to a deal with its creditors to avoid a possible default on a bond payment of around $400 million due July 1, sources familiar with the talks said on Tuesday. Credit ratings agency Moody's Investors Service has said it expects the utility to default on that payment. Puerto Rico's Governor...

  • June 30- Standard& Poor's Ratings Services lowered its credit rating on Puerto Rico to' CCC-minus' from' CCC-plus', hours after Governor Alejandro Garcia Padilla said the U.S. territory needed a period of bankruptcy to restructure its debt. Former IMF staffers-- engaged by Government Development Bank, Puerto Rico's financing arm-- issued a damning report on Sunday...

  • Puerto Rico poses 'substantial threat': Strategist Tuesday, 30 Jun 2015 | 6:00 AM ET
    Puerto Rico Gov. Alejandro Garcia Padilla delivers his state of the Commonwealth address at the Capitol building in San Juan on April 30, 2015.

    All eyes are on Greece's impending default, but Societe Generale's Larry McDonald says it's another crisis that threatens the financial market.

  • *Former bankruptcy judge: Puerto Rico "urgently needs our help". Steven Rhodes, the retired U.S. bankruptcy judge who oversaw Detroit's historic bankruptcy and has now been retained by Puerto Rico to help solve its problems, gave a blunt assessment on Monday. Puerto Rico "urgently needs our help," Rhodes said.

  • NEW YORK, June 29- Puerto Rico is "insolvent" and will soon run out of cash, according to a newly appointed adviser to the commonwealth who was the judge who oversaw the historic bankruptcy of Detroit. The U.S. territory's future hinges on gaining eligibility for debt restructuring under the U.S. bankruptcy code, a process it does not currently have access to, said...

  • *Greece will not pay IMF on Tuesday: Govt official. *Euro STOXX 50 index- biggest one-day fall since 2011. And Greece appeared to confirm it was heading for a default after a government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.

  • *Greece will not pay IMF on Tuesday: Govt official. *Euro STOXX 50 index- biggest one-day fall since 2011. Greece appeared to confirm it was heading for a default after a government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.

  • NEW YORK, June 29- Puerto Rico's governor, following a damning report by former IMF staffers about the U.S. Governor Alejandro Garcia Padilla said on Monday that over the next week, leaders would host meetings and briefings and tell citizens the steps the Commonwealth is taking to address Puerto Rico's problems. The report, made available late Sunday, said Puerto...

  • *Euro STOXX 50 index- biggest one-day fall since 2011. June 29- U.S. stocks extended their losses in heavy trading on Monday, adding to a global selloff, after a collapse in Greek bailout talks intensified fears that the country could be the first to exit the euro zone. In Europe, the blue-chip Euro STOXX 50 index suffered its biggest one-day fall since 2011..

  • US STOCKS-Wall St falls as Grexit fears grow Monday, 29 Jun 2015 | 10:51 AM ET

    *Nine of 10 S&P sectors in the red. June 29- Most U.S. stocks fell on Monday after Greek bailout talks collapsed, intensifying fears that the country could be the first to exit the euro zone. The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing.

  • NEW YORK, June 29- Puerto Rico's governor on Monday said "difficult decisions" must be made after a damning report by former IMF staffers proposed debt restructuring and tough austerity measures for the crisis-hit island, which is struggling with $73 billion of debt. Puerto Rico's benchmark general obligation bonds that carry an 8 percent coupon and mature in...

  • US STOCKS-Wall St falls as Greek crisis worsens Monday, 29 Jun 2015 | 9:59 AM ET

    The S&P 500 and the Nasdaq Composite fell around 0.7 percent as markets around the world slumped on fears that other European countries would suffer if Greece defaults. The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing. said Leo Grohowski, who oversees about $194 billion in client assets...

  • "Everything that touches Puerto Rico, the debt, the monolines, the banks, will all sell off pretty aggressively," said Daniel Hanson, analyst at Height Securities. Assured Guaranty shares fell 19.8 percent while MBIA Inc fell 6.7 percent. Assured Guaranty said it insured over $6 billion in par value of Puerto Rico bonds as of the end of March.

  • NEW YORK, June 26- Puerto Rico's distressed power authority PREPA and its creditors have been discussing a deal for the utility to avoid a potential default next week as a $400 million payment deadline looms, a source familiar with the talks said on Friday. Talks are at crunch point, with PREPA facing a July 1 interest payment. To buy time, the two sides have been...

  • NEW YORK, June 23- Puerto Rico's distressed power authority, PREPA, will meet in New York on Thursday with its creditors, which have offered a new debt restructuring plan in response to a PREPA proposal earlier this month, three people familiar with the talks told Reuters. Restructuring talks are in crunch time, with PREPA facing a July 1 interest payment it has said...