The island, which is a US territory, filed for bankruptcy - like protection earlier this summer, and is in the process of restructuring its debt. (vox.com)
A Company Voluntary Agreement (CVA) provides a company (Debtor) experiencing financial difficulties with a quick and flexible way of essentially restructuring its debts with unsecured creditors with a view to continuing its business. (fladgate.com)
To compound this problem, mall owners are now starting to mail in the keys to financially troubled malls: More mall landlords are choosing to walk away from struggling properties, leaving creditors in the lurch and posing a threat to the values of nearby real estate... [as] some of the largest U.S. landlords are calculating it is more advantageous to hand over ownership to lenders than to attempt to restructure debts on properties with darkening outlooks (LINK). (investmentresearchdynamics.com)