From the Introduction: "This report outlines the accumulation of Puerto Rico's debt and the restructuring of the island's public debt through processes established by PROMESA [Puerto Rico Oversight, Management, and Economic Stability Act]. Acute fiscal crises in 2006-2007 and 2013-2016 resulted in debt levels that could neither be sustained nor addressed through the Bankruptcy Code, which led to PROMESA's enactment. This report focuses on the largest portions of the island's public debt. For brevity's sake, it omits discussion of pensions and the restructuring of public corporations, such as the Puerto Rico Electric Power Authority (PREPA), the Highways and Transportation Authority (HTA), and smaller entities. Also, the Puerto Rico Aqueduct and Sewer Authority's (PRASA's) somewhat stronger financial position has enabled it to avoid the need to seek a restructuring of its bonds. The report's Appendices include a summary of the structure of Puerto Rico's pre-restructuring public debts, an analysis of the evolution of prices and trading volumes of selected bonds during the restructuring process, a chronology of selected events, and a glossary of abbreviations in English and Spanish."
CRS Report for Congress, R46788
Congressional Research Service: https://crsreports.congress.gov/