Jul
15
Puerto Rico Says It Failed to Send Money for Bond Payments
ByPuerto Rico said one of its agencies didn’t provide funds needed to cover debt payments as the cash-strapped commonwealth reels from an escalating fiscal crisis.
The Public Finance Corp. didn’t direct money due Wednesday to a bond trustee because the legislature failed to appropriate the funds when it passed the budget last month, Puerto Rico’s Government Development Bank said in a bond filing.
“In accordance with the terms of these bonds, the transfer was not made due to the non-appropriation of funds,” Melba Acosta, president of the GDB, said in an e-mailed statement…
Puerto Rico Says It Failed to Send Money for Bond Payments
