Puerto Rico, at risk of running out of cash as soon as November, may be unable to pay investors as it looks to restructure $73 billion of debt, said Steven Rhodes, the former U.S. bankruptcy judge who is advising the island’s government, Bloomberg News reported on Friday. Puerto Rico faces a $354 million principal and interest payment on Dec. 1 for Government Development Bank debt, including securities that the commonwealth backs with its general-obligation guarantee, according to bond documents. Officials have said that the government may run out of cash in November unless it can get a short-term loan or renegotiate its debts. A $357 million interest payment on general-obligation bonds is due Jan. 1. Read more.
Stay up to date on Puerto Rico’s debt crisis with ABI’s “Puerto Rico in Distress” website.
