The government of Puerto Rico announced Wednesday the launch of an a bondholder registry to improve and facilitate communications with more than 500,000 creditors holding debt issued by the Commonwealth and its public corporations and instrumentalities.
Puerto Rico Aqueduct and Sewer Authority Executive Director Alberto Lázaro said Sunday the chances of an increase in water rates could be pushed back with the approval of House Bill 2786, which seeks to address the public corporation’s funding needs for capital improvements.
Following an all-day session, the U.S. House passed H.R. 5278, known as the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”) on Thursday, with a bipartisan vote of 297-127 and a number of amendments.
Twenty-five members of Puerto Rico’s credit union sector unveiled today in New York a proposal to restructure the bulk of the government’s outstanding public debt, which calls for reducing the payment burden and providing guarantees to creditors.
As part of a strategy to face the government’s current liquidity challenges and continue contributing to the island’s economic development, the Puerto Rico Economic Development Bank announced Monday it will be capping credit lines at $500,000 from the $5 million limit it formerly offered.
An independent commission established by Puerto Rico's government has issued a report casting doubt on the legality of the island's debt, which could be declared null by a court if it decides the Commonwealth borrowed without authorization.
Looking to ease the analysis of activity taking place in Puerto Rico airports to support the tourism and aviation industries, as well as track migration patterns, the Puerto Rico Ports Authority and the Puerto Rico Statistics Institute unveiled the “Aviation Intelligence” online tool.
If the government of Puerto Rico were to pay the full amount due next year in GO debt would require laying off more than 3,400 public workers, among other adjustments.
The Puerto Rico Government Development Bank is waiting for creditors to submit a “global” restructuring offer that would address some $48 billion in debt in its entirety, rather than piecemeal, agency President Melba Acosta said during budget hearings Monday.
The PROMESA Act (H.R. 5278), the bill aimed to address Puerto Rico’s debt crisis, passed in the U.S. House Natural Resources Committee Wednesday with bipartisan support from lawmakers.
H.R. 5278, also known as the “Puerto Rico Oversight, Management, and Economic Stability Act,” which seeks to establish an Oversight Board to assist the government of Puerto Rico and its agencies in managing its public finances, will move for a vote by members of the U.S. House Committee on Natural Resources today, when nearly two dozen amendments will be considered.
Puerto Rico Gov. Alejandro García-Padilla on Monday unveiled a proposed budget for Fiscal 2017 of $9.1 billion, down $700 million from the original budget that was approved last year and $192 million less than the adjusted current budget.
A group of Government Development Bank for Puerto Rico creditors have filed an amended complaint in the U.S. District Court for the District of Puerto Rico challenging the constitutionality of certain aspects of the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, and certain related executive orders.
The U.S. House of Representatives submitted late Wednesday H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act,” which includes several revisions to the original bill proposing an oversight board and a debt-restructuring framework for the island.
The Treasury Department confirmed Monday net revenues recorded by the General Fund in April 2016 totaled $1.28 billion, $76.2 million above revised estimates, and $47.7 million below net revenues in April 2015.
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