PRASA sells $2.8M in excess properties to raise cash
April 20, 2016
The Puerto Rico Aqueduct and Sewer Authority has identified and will be selling three properties in San Juan, Guaynabo and San Juan worth a combined $2.8 million to inject cash into its coffers, agency Executive Director Alberto Lázaro said Tuesday.
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P.R. Gov: Suárez to head Financial Advisory Authority
April 20, 2016
Puerto Rico Gov. Alejandro García-Padilla announced Tuesday the appointment of Secretary of State Víctor Suárez as executive director and sole member of the Financial Advisory Authority and Fiscal Agency to act as the Commonwealth’s fiscal agent, financial advisor and information agent.
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Appellate Court sides with journalists on hedge fund info
April 19, 2016
The Center for Investigative Journalism (CPI, as it is known for its initials in Spanish) scored a legal victory in its fight against the government for access to information on the identity of Puerto Rico’s bondholders.
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GDB board members resign due to ‘restricted authority’
April 19, 2016
Two Government Development Bank board members are stepping down from their posts, saying, among other things, that the recently approved Puerto Rico Emergency Moratorium and Financial Rehabilitation has restricted the scope of their authority to make important decisions.
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Bondholders withdraw claim against GDB over transfers
April 14, 2016
A little more than a week after filing a motion for a temporary restraining order (“TRO”) against the Government Development Bank, a group of creditors owning Puerto Rico bonds confirmed Wednesday they have withdrawn their request.
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Treasury collects $929.7M in March fueled by sales tax
April 14, 2016
Treasury Secretary Juan Zaragoza-Gómez confirmed Wednesday that net revenues recorded by the General Fund in March 2016 totaled $929.7 million, a $91.1 million increase compared to March 2015 net revenues, and $5.3 million below revised estimates.
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U.S. Republican lawmakers release oversight board bill
April 13, 2016
The House Committee on Natural Resources released H.R. 4900, the “Puerto Rico Oversight, Management, and Economic Stability Act” (known as PROMESA), co-sponsored by Committee Chairman Rob Bishop (R-UT) and Rep. Sean Duffy (R-WI).
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Local delegation bears down on DC lawmakers this week
April 12, 2016
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.
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S&P lowers GDB’s rating over debt moratorium law
April 12, 2016
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.
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Gov’t revises terms in 2nd offer presented to creditors
April 11, 2016
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.
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PR creditors offer 5-yr. debt service freeze, $750M loan
April 6, 2016
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.
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Bondholders sue GDB to stop ‘preferential transfers’
April 5, 2016
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.
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Bi-partisan lawmakers demand transparency from GDB
April 4, 2016
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.
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Puerto Rico Property Registry now 100% electronic
April 1, 2016
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.
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COFINA creditors: Draft bill positive step for P.R. upturn
March 31, 2016
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.”
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