The government of Puerto Rico is making budget adjustments amounting to some $254 million, which is about half of the shortfall in revenue collections the Treasury Department anticipated late last year.
WASHINGTON — A restructuring deal between the deeply indebted Puerto Rico Electric Power Authority and most of its creditors came under scrutiny during a Tuesday oversight hearing here by the House Subcommittee on Energy and Mineral Resources.
The government of Puerto Rico will make most of its $1 billion debt payment due Jan. 1, defaulting only on some $37 million of the amount, Gov. García-Padilla said Wednesday.
Drops in electric power generation, gasoline consumption and cement sales kept Puerto Rico’s economic activity in negative territory in November, according to the Government Development Bank’s Economic Activity Index (GDB-EAI) released Tuesday.
The Puerto Rico Electric Power Authority announced early Thursday that it has reached an agreement with creditors holding approximately 70 percent of its financial debt.
The offensive launched by the Puerto Rico Treasury Department in November to crack down on retailers that collected sales and use tax revenue, but failed to remit it to the agency has unleashed a string of bankruptcy filings by those businesses, which appear to have turned to the court for protection.
With an estimated $700 million in the Government Development Bank’s coffers and a Treasury Department that reported $488.6 million in revenue collections in November, Gov. Alejandro García-Padilla announced Sunday public sector employees will receive their Christmas bonuses, as established by law.
In the 15 months it has been working with stateside firm AlixPartners, the Puerto Rico Electric Power Authority has accrued $162 million in annual benefits, plus another $150 million in one-time benefits through a comprehensive operational overhaul, Chief Restructuring Officer Lisa Donahue told board members Tuesday.
Puerto Rico Gov. Alejandro García-Padilla announced Monday he will not seek re-election to his post next year, to “concentrate” on addressing the island’s fiscal problems.
Puerto Rico General Fund collections reached $488.6 million in November, falling $15.4 million short of estimates, but $36.7 million above what the government shored up during the same month in 2014, Treasury Secretary Juan Zaragoza said Monday.
WASHINGTON — Vowing he’d refuse to support legislation “that does not respond to the needs of the people of Puerto Rico,” Rep. Luis Gutiérrez (D-Ill.) promised Tuesday he’d do everything in his power to help the island overcome its fiscal nightmare.
Puerto Rico Gov. Alejandro García-Padilla signed into law the first five measures related to the Plan for Fiscal and Economic Growth, including the measure creating the Fiscal Supervisory board, La Fortaleza confirmed Tuesday.
The eventual restructuring of some or all of Puerto Rico’s $73 billion in debt obligations will carry “significant implications” for the financial guaranty sector as a whole, Moody’s Investor Service said Thursday.
WASHINGTON — The debate over extending Chapter 9 bankruptcy protection to Puerto Rico and the possible creation of a federal fiscal control board to manage the island’s troubled finances took center stage Tuesday at a Senate Judiciary Committee hearing.
The Puerto Rico Government Development Bank announced today it has met its scheduled payments of $354 million in principal and interest after Gov. Alejandro García-Padilla instructed his fiscal team to redirect available revenues from other instrumentalities by activating contractual clawback provisions.
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