PRASA to start seeking external financing in mid-August
July 8, 2016
Puerto Rico Aqueduct and Sewer Authority Executive Director Alberto Lázaro confirmed Thursday the agency is waiting for the governor to sign the law that will allow it to pursue external financing to begin talking to creditors next month.
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PRASA reaches forbearance agreements with creditors
July 7, 2016
The Puerto Rico Aqueduct and Sewer Authority has reached forbearance agreements with a number of federal and local government agencies to put off making payments for at least six months, according to filings submitted to the Municipal Securities Rulemaking Board on Wednesday.
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P.R. bankruptcies remain flat in June, up 5% so far in ’16
July 5, 2016
Puerto Rico’s bankruptcy levels remained flat last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help was up by two cases when compared to the same month in 2015.
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U.S. Senate passes PROMESA, Obama could sign it today
June 30, 2016
The U.S. Senate passed S. 2328, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Wednesday with a bipartisan vote that should send the measure to Pres. Barack Obama’s desk for signing today.
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$45M AC Hotel by Marriott breaks ground in Condado
June 30, 2016
The groundbreaking ceremony for the first AC Hotel by Marriott in San Juan took place Wednesday for what will be a $45 million investment by Ashford 1369 Hospitality, LLC, an affiliate of Interlink, which acquired the former Ambassador Plaza & Casino property in Condado.
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P.R. Telephone Co., parent co. to pay $1.1M FCC fine
June 29, 2016
The Federal Communications Commission announced today that Puerto Rico Telephone Company and its parent company, América Móvil of Mexico, will pay $1.1 million to resolve an investigation by the FCC’s Enforcement Bureau.
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P.R. credit unions have $486M in reserves to face losses
June 29, 2016
Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
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Walmart introduces ‘Walmart Pay’ at local stores
June 29, 2016
With the goal of making the process of paying for purchases easier and quicker, Walmart Puerto Rico is introducing “Walmart Pay” – a fast, easy and secure way for customers to pay with their smartphones in Walmart and Amigo stores islandwide, starting today.
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Taco Maker to invest $1.5M annually in local beef
June 29, 2016
The owners of the Taco Maker franchise in Puerto Rico, FransGlobal, announced this week its decision to buy the more than 50,000 pounds of beef consumed monthly at its 90 local restaurants from island farmers, representing an annual investment of some $1.5 million.
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Economists: Several aspects of PROMESA illegal, harmful
June 27, 2016
Members of the Puerto Rico Economists Association believe there are several aspects of the Puerto Rico Oversight, Management, and Economic Stability Act that are unconstitutional, saying the disruption they could bring to the island are “incalculable.”
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New Board of Directors named at 2 local organizations
June 27, 2016
The Puerto Rico Community Foundation and Association of Insurance Companies of Puerto Rico recently appointed new directors for its respective boards of directors.
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Toyota Foundation backs big ideas to help environment
June 27, 2016
For the 19th consecutive year, Toyota Foundation is accepting applications for its “Environmental Donations Program,” which provides funding to nonprofit entities that submit proposals aimed at environmental conservation.
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Lobbying for, against PROMESA heats up in U.S. Senate
June 24, 2016
Lobbying efforts both for and against the approval of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) bill at the Senate gained steam in Washington Thursday, with public- and private-sector representatives making their case with U.S. Senators.
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USDA has $52M for new Rural Energy Savings Program
June 24, 2016
The U.S. Department of Agriculture announced Thursday the new Rural Energy Savings Program (RESP) program that that will help rural residents conserve energy and save money on their utility bills.
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Water rate hike looms as lawmakers clash on PRASA bill
June 23, 2016
A yet undefined increase on water rates for residential and commercial customers could come as early as mid-July, if lawmakers are unable to move a bill authorizing financing mechanisms for the cash-strapped Puerto Rico Aqueduct and Sewer Authority, agency officials said Wednesday.
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