U.S. gov’t to decide by Oct. 6 if it will defend PROMESA
August 17, 2017
The United States government will notify the Financial Oversight and Management Board by Oct. 6 if it will defend the constitutionality of PROMESA.
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Rosa Mexicano operator files Ch. 11, citing $3.6M in debt
August 10, 2017
Ocean Front Hospitality Group, owner of the Rosa Mexicano franchise in Puerto Rico, has filed for Chapter 11 bankruptcy protection, citing more than $3.6 million in debt, this media outlet learned Wednesday.
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Doctors, restaurants lead Jan.-June bankruptcy petitions
July 24, 2017
During the first six months of the year, 17 medical doctors filed for bankruptcy protection, reporting more than $23.5 million in combined debt to the court, a report by research firm Boletín de Puerto Rico confirmed.
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Op-Ed: PR in for ‘rude awakening’ opting for bankruptcy
July 6, 2017
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.
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The silent expansion of Fiscal Control Boards in the U.S.
June 1, 2017
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.
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Nonprofits ‘worried’ about bankruptcy under PROMESA
May 15, 2017
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.
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Reactions abound over govt’s Title III restructuring filing
May 4, 2017
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.
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Payless ShoeSource closing 12 stores in PR; 389 in total
April 14, 2017
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.
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Report: Puerto Rico’s bankruptcy filings drop 2% in ’16
January 26, 2017
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.
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Puerto Rico bankruptcies drop 26% in November
December 2, 2016
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.
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Vassallo Int’l Group in Ponce files for Ch. 11 bankruptcy
November 18, 2016
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.
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Owners of Budatai restaurant file for Ch. 11 bankruptcy
November 3, 2016
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.
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P.R. bankruptcies up 8.14% in Aug., fueled by Ch. 7 cases
September 6, 2016
The number of bankruptcy cases filed in Puerto Rico was up 8.14 percent year-over-year in August, when 929 cases were filed.
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July ’16 bankruptcies drop 4.4% YOY in Puerto Rico
August 2, 2016
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.
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P.R. bankruptcies remain flat in June, up 5% so far in ’16
July 5, 2016
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.
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