Puerto Rico Disputed Open Account Settlement
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FAQ
Real gross national product is still below 2016 levels amid hurricanes, earthquakes and mismanagement. It's expected to shrink again this year, despite an influx of $120 billion in federal reconstruction aid. Meanwhile, pension payments and debt service take up 25% of the commonwealth's budget even after bankruptcy.
Around $30 billion, or about 42% of Puerto Rico's outstanding debt, is owned by residents of Puerto Rico. They and local businesses are the parties that are most affected by the government cuts and the increased taxes that have been imposed to stabilize the island's finances.
On January 18, 2022, Judge Laura Taylor Swain of the U.S. District Court for the District of Puerto Rico confirmed the Plan of Adjustment for the Commonwealth of Puerto Rico to restructure $33 billion of liabilities against the Commonwealth of Puerto Rico, the Public Building Authority (PBA), and the Employee ...
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
Puerto Rico has been experiencing an economic depression for 17 consecutive years, starting in 2006 after a series of negative cash flows and the expiration of the section 936 that applied to Puerto Rico of the U.S. Internal Revenue Code. In 2014, it was still in an economic depression.
The board oversaw a bankruptcy process that culminated in March 2022, when a federal court confirmed a plan that reduced Puerto Rico's debt by 80%. Still, the work of putting the Commonwealth on a sustainable fiscal path remains incomplete.
The settlement amount of $255,937.86 reflects OFAC's consideration of the General Factors under the Enforcement Guidelines. OFAC determined the following to be aggravating factors: 1) BPPR had documentation indicating that two of its customers were low level employees of the GoV at the time E.O.
