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Occidental Cancels Algerian Sale Intended to Help Repay Debt “Our desired outcome from the board’s work is sustainability for the island -- sustainable economy, sustainable budget, sustainable debt service -- and given the uncertainty with the virus there are a lot of questions right now as to what is sustainable.”While addressing Puerto Rico’s finances is a central task for the oversight board, the virus has become the main issue in the near term.“The oversight board’s focus right now is on supporting the government to help Puerto Rico through the COVID-19 crisis,” Matthias Rieker, a spokesman for the board, said in a statement. “The oversight board’s goal continues to be to reduce Puerto Rico’s debt to a sustainable level.”The debt restructuring plan faced hurdles even before the coronavirus. Fed Ramps Up Auto Bond Buying With Industry Starting to Reco... But that deal may have to be revisited as the coronavirus darkens the outlook for the economy.While the commonwealth estimates its economy has been growing after more than a decade of contraction, the coronavirus could exert a considerable drag The tentative plan for how to slash nearly $18 billion of Puerto Rico’s debt is on hold after the judge overseeing the record bankruptcy canceled hearings set for early June as island officials work to slow the spread of the disease. In Puerto Rico’s case, it must also work through its nearly threeThe latest challenge will likely force island official to place the debt restructuring on the back burner, as it did after being battered by Hurricane Maria in 2017. Get the latest breaking news delivered straight to your inbox.Copyright © 2020 CBS Interactive Inc. All rights reserved. Depending on how Puerto Rico weathers the economic blow, the amount of money to pay debt service may change.“It may impact recoveries,” said John Ceffalio, municipal credit research analyst at AllianceBernstein, which manages $47 billion of debt, including Puerto Rico securities.

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Lebanon’s Debt Restructuring Put on Ice as Government Resign... Photographer: Ricardo Arduengo/AFP via Getty ImagesPhotographer: Ricardo Arduengo/AFP via Getty ImagesPhotographer: Ricardo Arduengo/AFP via Getty ImagesUpdates with oversight board’s comment in the ninth paragraph Gold Heads for Biggest Drop in Seven Years on Rising U.S. Yi... They’ll also be working with Puerto Rico’s financial oversight board to assess the economic impact of the virus on the island’s ability to repay bondholders, the commonwealth’s “This is going to make it harder to give the same level of revenue growth and it’s going to force them to cut deeper into bondholder principal,” said Matt Fabian, a partner at Municipal Markets Analytics.States and cities throughout the U.S. are struggling to get a handle on how bad their finances will be hit as businesses, schools and cultural institutions close. Fed Ramps Up Auto Bond Buying With Industry Starting to Reco... U.S. Stocks Rise While Dollar Drops With Bonds: Markets Wrap Gold Heads for Biggest Drop in Seven Years on Rising U.S. Yi...

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Marathon Poised for $1.1 Billion Tax Refund From Coronavirus... Occidental’s Lone Rig Shows Downfall of Permian Basin Oil Gi... WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. Fed Ramps Up Auto Bond Buying With Industry Starting to Reco... SAN JUAN, Puerto Rico-- Puerto Rico's governor says the U.S. territory will make a $594 million bond payment due next week but default on $37 million in interest. Turkey Stealth Tightening Sets Back Clock on Rate Simplifica... Occidental Cancels Algerian Sale Intended to Help Repay Debt Turkey Stealth Tightening Sets Back Clock on Rate Simplifica... Marathon Poised for $1.1 Billion Tax Refund From Coronavirus... Occidental’s Lone Rig Shows Downfall of Permian Basin Oil Gi... Lebanon’s Debt Restructuring Put on Ice as Government Resign...

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