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.
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.”
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