The Puerto Rico Treasury Department announced Tuesday it has submitted the Commonwealth’s audited financial statements for the fiscal year 2012-2013 that ended June 30, 2013.
Gov. Alejandro García-Padilla filed Wednesday at the Legislature the “Puerto Rico Public Corporations Debt Enforcement and Recovery Act,” to create a clear legislative framework to assist financially stressed public corporations overcome their problems “through an orderly, statutory process” that allows them to handle their debts fairly and equitably, while ensuring the continuity of essential services to citizens and infrastructure upgrades.
On the eve of what seems to be a “do-or-die” trip to the stateside bond market through which it is seeking to sell at least $3 billion in Commonwealth General Obligation bonds, the government is warning would-be investors that purchasing into the deal “involves significant risks.”
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