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Puerto Rico prepares for legal action from creditors
Jan 5 2016, 03:31 ET | By: Yoel Minkoff, SA News Editor Contact this editor with comments or a news tip
Puerto Rico is bracing for impending lawsuits following the island's second default in the past five months."It will be very costly for the commonwealth and our creditors," Governor Alejandro Garcia Padilla told CNBC. "Every dollar used to pay lawyers will be a dollar not available to pay creditors."The U.S. territory was able to pay the majority of the nearly $1B due to bondholders on Monday, but defaulted on two of the 13 bonds that had scheduled payments.Previously: Puerto Rico partly defaulting on bonds due on Monday (Dec. 30 2015)
Jan 5 2016, 03:31 ET | By: Yoel Minkoff, SA News Editor Contact this editor with comments or a news tip
Puerto Rico is bracing for impending lawsuits following the island's second default in the past five months."It will be very costly for the commonwealth and our creditors," Governor Alejandro Garcia Padilla told CNBC. "Every dollar used to pay lawyers will be a dollar not available to pay creditors."The U.S. territory was able to pay the majority of the nearly $1B due to bondholders on Monday, but defaulted on two of the 13 bonds that had scheduled payments.Previously: Puerto Rico partly defaulting on bonds due on Monday (Dec. 30 2015)