Puerto Rico sen­a­tor seeks to make bond pay­ment

The China Post - - INTERNATIONAL -

A Puerto Rico sen­a­tor filed a res­o­lu­tion Fri­day that would re­as­sign US$94 mil­lion to the is­land’s Gov­ern­ment De­vel­op­ment Bank so it can make a bond pay­ment that the U.S. ter­ri­tory missed ear­lier this week.

Sen. Gilberto Ro­driguez said the money would come from a fund slated for other up­com­ing bond pay­ments.

The res­o­lu­tion has not been de­bated. The is­land’s leg­is­la­ture re­con­venes in one week.

Puerto Rico’s Public Fi­nance Cor­po­ra­tion missed an Aug. 1 dead­line to make a US$58 mil­lion pay­ment on moral obli­ga­tion bonds. It made a par­tial pay­ment of US$628,000 in in­ter­est but did not have enough money to pay the re­main­der.

The non- pay­ment prompted Op­pen­heimerFunds Inc. and Franklin Ad­vis­ers Inc. to is­sue a let­ter ad­dressed to Puerto Rico’s Gov­ern­ment De­vel­op­ment Bank de­mand­ing that bond­hold­ers be paid.

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