A broad group of public and private-sector representatives from Puerto Rico are bearing down on Washington lawmakers this week, when a draft of the bill proposing an oversight board for the island is expected to be released and discussed during a hearing Wednesday.
The Puerto Rico government’s decision to enact a debt moratorium and declare a state of emergency at the Government Development Bank prompted ratings agency S&P to downgrade the agency and Moody’s to warn of looming creditor lawsuits.
Members of the government’s Working Group for the Fiscal and Economic Recovery of Puerto will release today details of a revised voluntary exchange proposal presented to advisors to the Commonwealth’s creditors in March.
A group of investors — including certain mutual funds — holding $5 billion in Puerto Rico's General Obligation bonds revealed Monday the terms of a joint restructuring proposal that calls for offering the government a five-year moratorium on principal payments and $750 million in upfront liquidity.
A group of holders of outstanding bonds of the Government Development Bank for Puerto Rico filed a complaint in the U.S. District Court for the District of Puerto Rico Monday seeking to enjoin certain transfers of assets by GDB they claim are prohibited under Puerto Rico law.
Following Sunday’s confirmation that Puerto Rico Treasury Secretary Juan Zaragoza had stepped down from his post at the Government Development Bank’s board of directors, to “avoid a conflict of interest,” a group of bi-partisan lawmakers demanded transparency from the troubled public agency.
Puerto Rico’s historically outdated Property Registry has been thrust into the 21st century through a $6.9 million modernization project that converted the government’s database from paper to fully electronic and available 24/7, Justice Secretary César Miranda announced Thursday.
The senior creditors of the Puerto Rico Sales Tax Financing Corporation, known as COFINA, said Wednesday the draft of the Puerto Rico Oversight, Management, and Economic Stability Act lays “the groundwork for a pragmatic, workable policy solution…aimed at addressing Puerto Rico's economic crisis.”
The U.S. House Committee on Natural Resources, chaired by Rob Bishop (R-UT). released a draft legislation on Puerto Rico’s economic crisis Tuesday, proposing an oversight board that will, among other things, audit the government and its corporations.
Two weeks ahead of U.S. House Speaker Paul Ryan’s March 31st deadline to craft a responsible solution for Puerto Rico’s fiscal and economic crisis, Gov. Alejandro García Padilla held daylong meetings Thursday on Capitol Hill with Congressional leaders to urge "swift action" in enacting the necessary legislation to address the island’s crisis.
Puerto Rico’s General Fund revenue collections totaled $767.5 million in February, reflecting a $58.2 million increase compared to February 2015, and $34.1 million above revised estimates.
The Puerto Rico Electric Power Authority announced Tuesday it has extended its contract with AlixPartners through Aug. 15, 2016, as the utility seeks to implement its ongoing comprehensive financial restructuring and operational transformation.
Sen. Bob Menendez (D-NJ) announced Monday he will introduce a comprehensive legislative package to provide Puerto Rico a real path to solvency through comprehensive reforms, backed by three other lawmakers.
House Finance Committee Chair Rafael “Tatito” Hernández proposed Tuesday the full elimination of the value-added tax slated to go into effect on June 1, while unveiling a package of measures that would essentially “re-reform” Puerto Rico’s tax structure to provide balance.
Filing an individual paper tax return becomes outdated this April as Puerto Rico switches to compulsory electronic filing in a move that is expected to save the Treasury Department up to $5 million in expenses, according to one of its top officials.
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