The plaintiff’s attorneys argue that more than 1,000 people could be eligible to join the proposed class. #NewsismyBusiness
Puerto Rico’s electrical system has failed to resolve core underlying problems that drove it to physical and financial ruin. #NewsismyBusiness
Puerto Rico remains a significant outlier; its 59% liabilities-to-GDP ratio is nearly double that of any other state. #NewsismyBusiness
Recent debt data for Puerto Rico indicates that local consumers are likely to take on additional debt this holiday season. #NewsismyBusiness
Credit card debt and inflation are pushing more people in the U.S. and Puerto Rico into financial stress. #NewsismyBusiness
A LiveCareer survey reveals widespread financial anxiety and concerns over lifestyle changes. #NewsismyBusiness
So far this year, 3,710 petitions have been filed at the U.S. Bankruptcy Court, representing a 33.9% jump when compared to the same period last year. #NewsismyBusiness
The U.S.-based clean energy think tank warns a potential $2.5 billion bond issue for PREPA could significantly impact the financial burden on households. #Newsismybusiness
Its negative outlook remains due to “slower pace of deleveraging than initially expected and high competition.” #NewsismyBusiness
In July 2017, the Oversight Board rejected a debt agreement for PREPA, explaining that the deal was not in the best interests of Puerto Rico. #NewsismyBusiness
The company secured a new 10-year $82 million mortgage provided by Banco Popular de Puerto Rico. #NewsismyBusiness
A careful review of the 400 pages of explanation and the 96-page plan confirm why this plan is unsustainable.
The debt is related to loans that the CRIM was granted in 2001 and 2002.
IEEFA says PREPA's debt plan prioritizes bondholders at the expense of building reliable energy and future oversight is needed.
The $8.26 billion in debt claimed by the Puerto Rico Electric Power Authority (PREPA) bondholders should not be borne by island ratepayers and small investors, IEEFA Director of Financial Analysis Tom Sanzillo said in testimony to the island’s legislature. Instead, Sanzillo told the Puerto Rico Senate Permanent Commission on Strategic Projects and Energy that reducing […]
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