Ten 2020 Democratic presidential candidates will take the debate stage Wednesday at the Adrienne Arsht Center for the Performing Arts in Miami.2020 Electionsread more
Something unusual is happening in financial markets, and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
Virginia Sen. Mark Warner breaks down the idea behind a bipartisan bill he introduced to provide more transparency in Big Tech.Technologyread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
These attacks have given the public the opportunity to examine the problems associated with ransomware, where corporations -- not obligated to disclose these attacks -- have...Technologyread more
Online home goods retailer Wayfair sold roughly 1,600 mattresses and 100 bunk beds to Baptist Child and Family Services, a nonprofit that works as a federal contractor...Retailread more
"As a private company we don't have the tools to make the Russian government stop," Facebook CEO Mark Zuckerberg said at the Aspen Ideas Conference on Wednesday. "We can...Technologyread more
HPV infections declined substantially since a vaccine was introduced, providing 'strong evidence' the vaccine prevents cervical cancer in the real world, according to a World...Health and Scienceread more
Wi-Fi 6 will be the next-generation wireless standard. Along with 5G, it will represent the next big shift in connectivity and data, said Irving Tan, senior vice president and...Shaping the futureread more
A U.S. federal judge on Monday approved a plan to restructure $17 billion of debt from Puerto Rico's Sales Tax Financing Corporation, known as COFINA, marking the second deal between the bankrupt U.S commonwealth and its creditors to win court approval.
Judge Laura Taylor Swain, who is hearing Puerto Rico's bankruptcy case filed in May 2017, called the COFINA plan "a significant step on the path towards Puerto Rico's financial recovery, economic stability, and prosperity."
The island, which is trying to restructure about $120 billion of debt and pension liabilities, won court approval in November for a consensual deal with creditors over about $4 billion of debt related to its Government Development Bank (GDB).
According to Puerto Rico's federally created oversight board, the COFINA plan will slash debt service on the sales tax-backed debt by $17.5 billion over nearly 40 years, saving the island an average $456 million annually.
Future sales tax revenue previously pledged exclusively to COFINA will be split, with 53 percent going to COFINA bondholders and 46 percent flowing to the commonwealth government.
"Court approval of the COFINA plan of adjustment is an important milestone for Puerto Rico because putting the restructuring behind us is key to the island's future," said Oversight Board Chairman José Carrión in a statement.
The COFINA ruling followed a two-day hearing on the matter in mid-January. Opposition to the plan came mainly from labor unions, which alleged it was not in the best interest of Puerto Rico, will drive away resources from essential public services and is not economically sustainable in the long term.
Owners of more than $14.5 billion of COFINA bonds, meanwhile, voted in support of the plan of adjustment.
In her order, Swain acknowledged the objections, including the lack of a comprehensive debt audit. The judge also noted that the island's core government debt, which includes roughly $13 billion of general obligation bonds and almost $50 billion in unfunded pension liabilities, must still be addressed.
The board has raised the possibility that an adjustment plan could be imposed on creditors in a process known as a cramdown. It also asked the court last month to invalidate more than $6 billion of the GO debt.