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.
A decision by the Puerto Rico government to make the $354.7 million payment on Government Development Bank Senior Notes due today will come down to the wire and will depend on the outcome on talks with creditors, Gov. Alejandro García-Padilla said.
The government of Puerto Rico is facing a busy week with the development of three key events on- and off-island, headed by a decision to make a $354 million bond payment by the Dec. 1 deadline.
Microsoft Corp. could be close to landing a contract to implement a unified accounting system across Puerto Rico government agencies, which currently are unable to share data with each other, making reporting a challenge.
The Puerto Rico Electric Power Authority announced Monday it has extended its contract with AlixPartners through March 15, 2016, as the utility continues negotiation discussions with creditors and focuses on implementing a comprehensive transformation.
Senate Judiciary Committee Chairman Chuck Grassley said Thursday that he will convene a hearing on the Puerto Rico fiscal situation on Dec. 1., in Washington D.C.
Moody’s Investors Service on Wednesday released a report in which it predicted that Puerto Rico is “likely to default” on some of its debt service payments due in December, as “its liquidity pressure grows.”
Puerto Rico House Speaker Jaime Perelló said Monday the island’s “only option” regarding its $73 billion debt is continue moving on the path of negotiating with creditors.
Puerto Rico Gov. Alejandro García-Padilla on Thursday submitted a bill to the legislature that proposes a sweeping overhaul of the Puerto Rico Electric Power Authority, with the goal of “providing clean and reliable energy at the lowest possible cost.”
Legislation authored by Rep. Nydia M. Velázquez (D-NY) aims to significantly strengthen reporting requirements for hedge funds, large privately organized, pooled investment vehicles not available to the public whose primary investors are wealthy individuals or institutions.
The Highways Authority will invest $254.6 million in federal funding on 53 road infrastructure projects that should be awarded in June 2016, agency Executive Director Carmen Villar announced Thursday during a meeting of the Associated General Contractors, Puerto Rico Chapter.
The Government Development Bank has contracted New York-based Bondholder Communications Group, LLC to develop a communications database of information regarding bonds issued by the government and their value, a report by the Center for Investigative Journalism released Wednesday confirmed.
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