PREPA extends contract with AlixPartners for $7.2M
November 17, 2015
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.
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US Senate to hold 3rd hearing on P.R.’s fiscal problems
November 13, 2015
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.
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Moody’s says Puerto Rico ‘likely to default’ next month
November 12, 2015
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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Perelló: ‘The only option P.R. has now is to negotiate’
November 10, 2015
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.
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Gov. García-Padilla submits bill to overhaul PREPA
November 5, 2015
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.”
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Congresswoman files bill to crack down on hedge funds
November 5, 2015
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.
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Highways Authority to invest $254.6M in road projects
October 30, 2015
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.
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Report: GDB knows bondholders IDs, but withholds info
October 29, 2015
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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GDB will not release annual report as promised Oct. 30
October 28, 2015
Puerto Rico Government Development Bank President Melba Acosta confirmed Tuesday that the agency will not be publishing the Comprehensive Annual Financial Report on Oct. 30, as it had announced earlier this year it would do.
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Puerto Rico gov’t to promote tourism, biz offer in NY
October 28, 2015
Puerto Rico’s tourism and business offer will have a special place with the opening of a new interactive space at the Commonwealth of Puerto Rico office in Manhattan, Economic Development and Commerce officials announced Tuesday.
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Sanders, Warren defend P.R. against ‘vulture funds’
October 23, 2015
WASHINGTON — The two most prominent progressives in the U.S. Senate urged the federal government Thursday to help Puerto Rico stand up against the “vultures” they largely blame for the island’s current fiscal nightmare.
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Gov’t ‘has faith’ it will pull Puerto Rico out of fiscal hole
October 21, 2015
Government Development Bank President Melba Acosta said Tuesday the administration “has faith” it will pull Puerto Rico out of the fiscal abyss it is currently in, and will set up mechanism to avoid a repeat of the island’s current $73 billion debt scenario.
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Gov’t collections up for 1st quarter, fall short in Sept.
October 16, 2015
General Fund net revenues for September totaled $758 million, representing an increase of $50.3 million, or 7.1 percent, year-over-year, but $17.4 million below estimates, Treasury Secretary Juan Zaragoza-Gómez said Thursday upon revealing the results.
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Governor submits bill to create fiscal supervisory board
October 16, 2015
Gov. Alejandro García-Padilla submitted late Thursday to the legislature the bill that will give way to the creation of a five-member fiscal oversight board that among other things, will be responsible for enforcing compliance with approved budgets.
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Pierluisi files bill asking U.S. Treasury to guarantee loans
October 9, 2015
Resident Commissioner Pedro Pierluisi introduced a bill Thursday that would authorize the U.S. Treasury Department to guarantee repayment of principal and interest on bonds to be issued in the future by the island’s bond-issuing public entities, but only if the agency certifies that the commonwealth has “demonstrated meaningful improvement in managing its public finances.”
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