Puerto Rico faces fresh creditor Lawsuits

摘要

Time is running out for puerto rico to reach an agreement with creditors to restructure roughly US$70bn in debt. On May 1 a moratorium on lawsuits that has restrained creditors from suing the Commonwealth to recover payment on defaulted debt expires. Bondholders are still smarting from a decision by the control board charged with overseeing the island's recovery to accept a 10-year financial plan submitted by the island's Governor Ricardo Rossello. Several bondholders are also seething over Rossello's decision to reopen an agreement to restructure debt at Puerto Rico's power utility Prepa.