If Puerto Rico thinks bankruptcy is a better solution, they have a rude awakening coming. One should look no further than the Puerto Rico Electric Power Authority’s (PREPA) pending bankruptcy.
Regardless of their size, the number of residents, or the fiscal problems they have, U.S. cities under fiscal control boards have faced a formula that consists primarily of the firing of public employees, pension cuts, an increase in the cost of college education, and a reduction in essential services, such as health.
The reorganization process of Puerto Rico’s public finances has a direct impact on local nonprofit organizations, especially those to which the government owed money at the time the petition was filed in court earlier this month, according to members of the “Movimiento Una Sola Voz” and the Foundations Network.
Local and stateside creditors and credit ratings agencies did not reach a true consensus over the government's decision and future effect of seeking the bankruptcy-like protection under Title III of PROMESA on Wednesday to restructure some $70 billion in debt.
Payless ShoeSource is closing 389 underperforming stores in the United States — including 12 in Puerto Rico — providing “a rare opportunity for savvy shoppers to snap up footwear for the whole family at liquidation prices,” the company said Thursday.
The number of bankruptcy cases filed in Puerto Rico during 2016 dropped by 2 percent year-over-year, with a total of 10,221 filed, research firm Boletín de Puerto Rico disclosed Wednesday.
Bankruptcy filings dropped by 23 percent in November, when a total of 706 cases were filed, in comparison to the same month last year, according to preliminary figures released by research firm Boletín de Puerto Rico Thursday.
Ponce-based Vassallo International Group, which manufactures, distributes and sells more than 6,000 different products for a wide range of applications and industries, has filed for Chapter 11 bankruptcy, citing nearly $9.8 million in debt.
The owners of Asian fusion restaurant Budatai, headed by renown Chef Roberto Treviño, have filed for Chapter 11 bankruptcy protection, citing more than $400,000 in debt, according to the documents on record at the U.S. Bankruptcy Court.
The number of bankruptcy cases filed in Puerto Rico was up 8.14 percent year-over-year in August, when 929 cases were filed.
Puerto Rico’s bankruptcy levels showed a 4.4 percent drop last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help totaled 818 cases, preliminary data released Monday by research firm Boletín de Puerto Rico showed.
Puerto Rico’s bankruptcy levels remained flat last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help was up by two cases when compared to the same month in 2015.
After months of negotiation, U.S. House Republicans introduced a bill that would help Puerto Rico deal with its $69 billion debt that has crippled its economy, setting rules that would allow it to seek bankruptcy protection.
The number of bankruptcy cases filed in Puerto Rico skyrocketed last month, when an astounding 19.5 percent more petitions for protection from creditors were filed at the local court, research firm Boletín de Puerto Rico revealed Monday.
Puerto Rico’s bankruptcy filings were up 13 percent in February, when 930 cases were submitted to the court, versus the same month in 2015, according to numbers released Thursday by research company Boletín de Puerto Rico.
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