Stoever Glass & Co., Inc.
Phone: (212) 952-1910
Toll Free: (800) 223-3881
On May 3, the Commonwealth of Puerto Rico filed for a record-setting bankruptcy in an effort to reduce $74 billion in bondholder debt and $49 billion in pension obligations to government employees after years of economic decline and debt financing.
In June 2016, President Obama signed into law the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which established an Oversight Board with broad powers of financial control over Puerto Rico and procedures for adjusting debt sold by the Commonwealth.