Puerto Rico dug up enough cash to pay all of its $1.9 billion debt due Wednesday, according to a CNBC report.
The island’s governor, Alejandro Garcia Padilla, recently claimed that the nation wouldn’t be able to meet its obligations, raising concerns among investors and bond insurers. The payment means Puerto Rico avoided a July 1 default.
CNBC also reported that Puerto Rico’s power utility, PREPA, and other institutions met their debt service payments Wednesday, according to the National Public Finance Guarantee Corporation.
PREPA is still working on a long-term restructuring with its creditors, which loaned the beleaguered utility more cash to make the payment. Padilla is also pursuing a wide-reaching restructuring of the island’s overall $72 billion debt.
