ORLANDO, Fla. - Democratic presidential candidate Michael Bloomberg says he supports statehood for Puerto Rico and will work to pass a bill to make it a reality. Restructuring the securities requires approval from U.S. District Court Judge Laura Taylor Swain, who is overseeing the island’s bankruptcy, and Puerto Rico lawmakers. Aurelius Capital Management and Autonomy Capital, which hold securities sold in those years, joined the tentative agreement, which other bondholders signed in June. “The risk of having that unsecured debt discharged raises the risk that creditors today in the midst of negotiations will demand better security for the debt and that security is costly to the government of Puerto Rico,” Jaresko said. ALL BONDS Ser 1998, OID: 92.439, Cont Callable, Next Call 03-22-2019 @ 100.000, Priced to Call 07-01-2019 @ 4.478, Mandatory … Waller Confirmed for Fed With Shelton’s Nomination Still in... Biden’s Economy Lesson From Trump Shows Solo Action Doesn’t... U.S. Mortgage Rates Fall to a Record-Low 2.71% for 30-Year L... Democrats Scale Back on Stimulus to Prod McConnell to Talk, Boom in Fintech Bond Sale Platforms Risks Fragmenting Market, Proposed Promesa change would allow island to cancel some debt, Island officials say it would invite bond-market penalties. Puerto Rico Ordered to Make Interest Payments on Pension Bonds. U.K. Clears Pfizer Covid Vaccine for First Shots Next Week, NYC Outbreak Worsens; California Warns of Lockdown: Virus Update, The Best Car I Drove in 2020—Plus Eight Runners-Up, U.S. Covid Cases Found as Early as December 2019, Says Study, Morgan Stanley’s Wilson Says Stocks Overbought, Risk Correction, Investors will receive $10.7 billion of new bonds and also $3.8 billion in cash in exchange for Puerto Rico’s $17.8 billion of outstanding general obligations and commonwealth-guaranteed debt, Bondholders receive a mix of new bonds: 50% general obligations and 50% sales-tax bonds with a junior lien. Puerto Rico’s financial oversight board and investors holding $8 billion of general obligations and commonwealth-guaranteed debt reached a tentative deal on Sunday that would slash those securities by 40%, a key step in the island’s record bankruptcy. The problem of Puerto Rico's $73 billion debt obligation is nothing new. The overall plan slashes debt and non-bond … The SEC charged an investment adviser on Tuesday for defrauding a city in Puerto Rico. The Capitol Building is seen past walls in the Old City of San Juan, Puerto Rico. … The federal government extended Puerto Rico access to bankruptcy under the Promesa law. puerto rico comwlth public impt ref bds GEN PURP/PUB IMPT ULT G.O. U.K. Clears Pfizer Covid Vaccine for First Shots Next Week, NYC Outbreak Worsens; California Warns of Lockdown: Virus Update, The Best Car I Drove in 2020—Plus Eight Runners-Up, U.S. Covid Cases Found as Early as December 2019, Says Study, Morgan Stanley’s Wilson Says Stocks Overbought, Risk Correction. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news… New Stimulus Plan Gets More GOP Interest; McConnell Holds Ba... Wall Street’s Biden Fans Greet His Economy Team With Relief. Puerto Rico is seeking to reduce nearly $18 billion of debt Barricades block the entrance to the Governor's mansion known as La Fortaleza in San Juan, Puerto Rico on March 18. Puerto Rico general-obligation debt with an 8 percent coupon and maturing in 2035 traded at an average of 59.3 cents on the dollar on Monday at 1 p.m., up more than 8 percent from its average … Bloomberg rolls out plan to make Puerto Rico the 51st state originally appeared on abcnews.go.com Breaking with many of his fellow 2020 contenders, former New York City Mayor … U.S. House Members Seek Probe into Puerto Rico Bond Trading Michelle Kaske , Bloomberg News (Bloomberg) -- A group of New York Congressional members are seeking an investigation into alleged insider trading of Puerto Rico debt by hedge funds as the firms were negotiating with the bankrupt island on how to reduce its debt. Investors will receive through new bonds and the cash payment: 2014 G.O. Breaking with many of his fellow 2020 contenders, former New York City Mayor Michael Bloomberg is announcing his support for Puerto Rico becoming the nation's 51st state. General obligation bonds with an 8% coupon and maturing in … Currently, an appointed fiscal control board oversees Puerto Rico’s debt crisis and some … Michael Bloomberg writes in a guest column for the Orlando Sentinel that Puerto Rico should become a state. Before it's here, it's on the Bloomberg Terminal. The potential restructuring plan brings together competing bondholder groups that had been divided in the past year over whether debt Puerto Rico sold in 2012 and 2014 is invalid. Have a confidential tip for our reporters? Restructuring the securities requires approval from U.S. District Court Judge Laura Taylor Swain, who is overseeing the island’s bankruptcy, and Puerto Rico… Bonds News. Before it's here, it's on the Bloomberg Terminal. Governor Wanda Vazquez rejected the agreement in its current form, saying it doesn’t ease pension cuts for public workers. 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