The U.S. House of Representatives approved Monday legislation authored by U.S. Rep. Nydia M. Velázquez (D-NY) to close a decades-old loophole that has caused significant financial losses for many Puerto Rican investors and retirees.
Saying she “did the best she could with the tough hand that was dealt” and ending 12 years of public service, Puerto Rico Government Development Bank President Melba Acosta is stepping down from her post, effective July 31.
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.
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.
Puerto Rico Government Development Bank bondholders filed a motion to ensure that they may continue to pursue their constitutional challenges to the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, Law 21 of 2016, known as the “Moratorium Act.”
The Puerto Rico Electric Power Authority announced Thursday its intention to pay all principal and interest due on July 1, 2016 under its power revenue bonds in accordance with the terms of an agreement with creditors holding approximately 70 percent of the utility’s outstanding debt, company officials said.
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.
Moody’s Investors Service said Monday the new surcharge on customers’ electricity bills approved last week by the Puerto Rico Energy Commission to be used to pay debt service on new securitization bonds to be issued as part of the Puerto Rico Electric Power Authority’s debt restructuring is positive for creditors.
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.
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.
U.S. Customs and Border Protection Air and Marine Operations inaugurated Wednesday its new $10 million aircraft hangar and support facilities at the Rafael Hernández International Airport in Aguadilla.
Following the Puerto Rico government’s confirmation Tuesday that negotiations with Rico Sales Tax Financing Corporation (known as COFINA) and General Obligation bondholders had broken off, both creditor groups went public to defend their positions on the ongoing talks.
The Abdul Latif Jameel Poverty Action Lab (J-PAL) North America, a research center at MIT, announced Tuesday that Puerto Rico is among five state and local governments that have been selected to participate in the J-PAL State and Local Innovation Initiative.
Certain entities owning Puerto Rico's General Obligation bonds filed a suit in the U.S. District Court for the Southern District of New York today, seeking to invalidate the Emergency Moratorium and Financial Rehabilitation Act enacted by the Commonwealth to delay the repayment of debts.
The House Committee on Financial Services approved Thursday legislation authored by U.S. Rep. Nydia M. Velázquez (D-NY) to close a decades-old loophole that has caused significant financial losses for many Puerto Rican investors and retirees.
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