A total of 496 bankruptcy cases were at the U.S. Bankruptcy Court in Puerto Rico during the month of January, representing a 2.3% drop from the same month last year, according to statistics released by analyst firm Boletín de Puerto Rico. The report shows that Chapter 13 personal reorganization cases prevailed, with 303 cases on […]
Simon Property Group Inc. and Taubman Centers Inc. have entered into a definitive agreement under which Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG), the companies announced. In Puerto Rico, Simon Property Group owns the Puerto Rico Premium Outlets in Barceloneta and the Plaza Carolina shopping center. […]
Low-cost carrier Spirit Airlines confirmed that Puerto Rico is “doing quite well” from an earnings perspective, although the positive results are not attributed to post-earthquake traffic. During an earnings call with analysts to discuss fourth quarter results, Matthew Klein, chief commercial officer of Spirit Airlines said while “we have seen some impact in Puerto Rico, […]
The Office of the Commissioner of Financial Institutions (OCIF, in Spanish) released a Circular Letter requiring Puerto Rico’s financial institutions helping customers affected by the recent earthquakes to report on their efforts. In the document, the regulatory body orders mortgage lenders and services specifically to file monthly reports of the steps they are taking to […]
Less than four years after making its local debut with flights between San Juan and Orlando, low-cost carrier Allegiant Airlines will be pulling out of the market, ending service in May, this media outlet confirmed. “Allegiant’s business model is based on providing low-cost, affordable service to leisure travelers when they need it, which means our […]
Popular Inc. reported net income of $166.8 million for the quarter ended Dec. 31, 2019, compared to net income of $165.3 million for the quarter ended Sept. 30, 2019. In the report, Banco Popular de Puerto Rico’s parent company, confirmed it generated net income of $671.1 million for the year 2019, compared to net income […]
The World Travel & Tourism Council (WTTC) announced its decision to move its WTTC Global Summit, slated to take place April 21-23, from San Juan to Cancún, Mexico. The local government, headed by the Destination Marketing Organization, Discover Puerto Rico, had reportedly set aside some $6 million to host the event, which will be reallocated […]
In the wake of the earthquakes that have rattled Puerto Rico since late December, JetBlue will be “temporarily reducing capacity” to protect its revenue base at least through the first quarter, COO Joanna Geraghty said during a call with analysts to discuss the carrier’s fourth quarter 2019 results. “We remain committed to the island, but […]
Vive La Van PR, a new option for camping aficionados, is about to make its debut in Puerto Rico, where it will offer local residents and tourists the opportunity to experience the island differently. On Feb. 1, the startup will roll out its 22-foot luxury van, which has been customized entirely to offer the “camping […]
Negotiations are underway between the operators of the Santa Rosa Mall in Bayamón and the owners of the IKEA franchise to open the first full-service store in Puerto Rico at the former Sears location, this media outlet learned. The mall’s operator, CCM Puerto Rico, is in talks with Santo Domingo-based Sartón Dominicana, owners of the […]
The members of the Puerto Rico Retail Trade Association (known as ACDET) and the Association of Emergency Managers and Security Professionals (known as AMEPS) joined forces to deliver entertainment for children and adults living in shelters after earthquakes hit the island’s southern region. Walgreens, Best Buy, Pepe Ganga, Walmart, Novus, Bakers, Pueblo and Sam’s Club, […]
U.S. District Court Judge Pedro Delgado-Hernández ruled against 40 defendants for selling and distributing counterfeit Playero Inc. products, slapping them with a global fine of more than $1 million for the infringements, this media outlet learned. According to the default judgment and permanent injunction issued Wednesday, the defendants were found guilty of breaching the familiar […]
Four of Puerto Rico’s largest businesses are opening their corporate wallets to help victims of the earthquakes that have hit the island’s southern towns recover. The group includes Ponce-based Destilería Serrallés, Inc., producer of Don Q rum, which announced it will contribute $1 million to provide immediate disaster relief and essential services. “We stand in […]
A little more than two years after the government sold it, the former Sagrado Corazón Urban Train station parking lot will become the Wagons 27 Food Truck Lot, where some 30 food trucks and small restaurants will open in early March, this media outlet confirmed. Randolph Rivera-Aulet, who is in charge of the operation, explained […]
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