Unfunded Pensions Exist As a Potential Risk to Bondholders

Unfunded Pensions Exist As a Potential Risk to Bondholders

A reorganization plan for the debt of the government of Puerto Rico was submitted to the court Sept. 27 by the Puerto Rico Oversight Board. It covers $35 billion of general obligation and other bonds, which it would reduce to $12 billion. On average, that is about a 66 percent haircut for the creditors, who …

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