Puerto Rico says it will default on some debt due Jan 1

Happy New Year to some bond holders

The government will default on about $37 million in payments as it seeks to restructure $70B in debt.

There has been a complicated legal fight about whether the country can default.

They will pay out $329M in general obligation bonds while defaulting on debt from the Puerto Rico Infrastructure Financing Authority debt and Public Finance Corp bonds.

Puerto Rican 30-year bonds are trading at 71.5 cents on the dollar.