OMB: Paying GO debt in full in ’17 could imply layoffs
May 31, 2016
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.
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GDB waiting for ‘global’ restructuring offer for $48B debt
May 31, 2016
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.
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PROMESA advances to House floor; CNE won’t endorse
May 26, 2016
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.
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‘PROMESA’ bill up for U.S. House Committee vote today
May 25, 2016
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.
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Governor pitches $9.1B budget, reserves $209M for debt
May 24, 2016
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.
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GDB bondholders sue P.R. gov’t over Moratorium Act
May 23, 2016
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.
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U.S. Congress submits revised Puerto Rico legislation
May 19, 2016
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.
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Tax season boosts Treasury collections to $1.2B in April
May 17, 2016
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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Court: Gov’t will have to turn over bondholder info
May 13, 2016
After nearly a year of litigation, the Center for Investigative Journalism on Thursday confirmed another legal victory in its battle against the Government Development Bank for Puerto Rico to gain access to information about the hedge funds that hold the Commonwealth’s public debt.
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Governor, private sector lobby directly with Ryan
May 12, 2016
Puerto Rico Gov. Alejandro García-Padilla and members of the island’s private sector held meetings with key lawmakers in Congress, including U.S. House Speaker Paul Ryan, to discuss the bill that would address the Commonwealth’s fiscal crisis.
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García-Padilla meets with creditor advisors in NYC
May 11, 2016
Puerto Rico Gov. Alejandro García-Padilla met with a group of unidentified advisors to the Commonwealth’s creditors to communicate, first hand, the need for Puerto Rico reach a broad restructuring of its $70 billion public debt to sustainable levels, his office said Tuesday.
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P.R. credit unions: GDB restructuring deal falls short
May 5, 2016
A group of Puerto Rican credit unions identifying themselves at the “G25” said Thursday the preliminary restructuring agreement announced by the Government Development Bank and hedge funds this week is unfavorable to local bondholders who will see losses as a result.
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P.R. Statistics Institute launches transparency website
May 5, 2016
Signaling its commitment to transparency, the Puerto Rico Institute of Statistics today presented www.transparenciafinanciera.pr, a website through which citizens can obtain a total breakdown of the agency’s transactions since it began operations.
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Politicians, analysts, creditors react to gov’t debt default
May 3, 2016
The Puerto Rico government’s decision to default on a portion of the $470 million in debt service payments due Monday drew reactions from politicians, analysts and creditors alike, who both urged Congress to act on the Commonwealth’s behalf and predicted long court battles ahead.
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P.R. gov’t will fall $367M short in May debt payment
May 2, 2016
Calling on Congress to take swift action to create a debt restructuring mechanism and saying resources are “scarce,” Puerto Rico Gov. Alejandro García-Padilla confirmed Sunday he has ordered a moratorium on the debt service payments due from the Government Development Bank.
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