Moody’s: New surcharge ‘positive’ for PREPA creditors
June 28, 2016
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.
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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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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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CBP inaugurates new $10M Aguadilla aircraft facilities
June 23, 2016
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.
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P.R. gov’t, creditor talks break off despite trading offers
June 22, 2016
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.
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P.R. picked for MIT-backed social programs initiative
June 22, 2016
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.
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GO bondholders sue P.R. over debt avoidance legislation
June 21, 2016
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.
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US House committee OKs bill protecting P.R. investors
June 17, 2016
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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Commonwealth launches bondholder registry initiative
June 16, 2016
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.
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PRASA: Water rate hike pushed off with approval of bill
June 13, 2016
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.
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US House clears PROMESA Act with amendments
June 10, 2016
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.
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G25 credit unions unveil debt restructuring proposal
June 7, 2016
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.
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EDB limits credit lines to $500K from $5M due to crisis
June 7, 2016
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.
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Study casts doubt on legality of Puerto Rico debt
June 3, 2016
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.
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Gov’t adopts tool to track airport passenger, cargo traffic
June 1, 2016
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.
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