The way each of the debt deadlines played out may leave holders of Puerto Rico's paper with more questions than much-needed answers.» Read More
NEW YORK, Oct 1- Puerto Rico's electric power authority, PREPA, has extended by two weeks an agreement with its bondholders and lenders that was to expire at the close of Thursday, while it is continuing to try to negotiate a deal with its bond insurers, the utility said on Thursday. Reducing PREPA's $9 billion in debt has been seen as a critical test for the U.S....
NEW YORK, Oct 1- Puerto Rico's electric power authority is expected to extend a creditor agreement expiring at the end of Oct. 1 with a bondholder group, to allow debt restructuring negotiations with bond insurers to continue, a source familiar with the bondholders said on Thursday. Reducing PREPA's $9 billion in debt has been seen as a critical test for the U.S....
*Tech stock lead gainers, Netflix hit by short-sell call. *Ambarella's forecast drags on stock and GoPro. Wall Street had closed sharply lower on Tuesday, with concerns about China's economy pushing major indexes down almost 3 percent and intensifying fears of a long-term selloff.
*Ambarella's forecast drags on stock and GoPro. *Navistar falls on possibility of SEC lawsuit. However, Netflix fell 3 percent after Citron Research recommended a short call on the stock.
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...
Puerto Rico, for the moment, avoids falling into further financial crisis as concerns linger that it cannot pay its obligations.
With Puerto Rico saying it can't pay its $72 billion debt, bond investors worry whether bond insurers can cover a looming default.
Puerto Rico isn't turning out to be the golden investment opportunity hedge funds and other big money investors once thought it was.
CNBC's Jim Cramer explains why the Puerto Rico situation is more important than Greece or China.
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...
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.
And that was before Puerto Rico Governor Alejandro Garcia Padilla admitted Monday that the country's budget gap was bigger than thought and it could not repay more than $70 billion in debt. Over the past year, funds run by Goldman Sachs Group Inc have increased their exposure to Puerto Rico to attract yield-hungry investors, U.S. regulatory filings show.
As Puerto Rico's dire fiscal and economic situation becomes more acute, it could see its population decreasing even further.
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...
The White House said Monday it is not contemplating bailing out Puerto Rico from its financial hole.
*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..