OBoard to probe PR debt via independent investigator
August 3, 2017
The Financial Oversight and Management Board for Puerto Rico announced Wednesday its intention to start a “comprehensive investigation of Puerto Rico’s debt and its relationship to the fiscal crisis.”
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PREPA insurers ask court for independent receiver
July 19, 2017
A group of companies insuring the Puerto Rico Electric Power Authority’s debt filed a motion in the U.S. District Court for the District of Puerto Rico Tuesday, asking for the appointment of an independent receiver to pursue increased rates and to oversee certain operations of the public corporation.
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Popular launches effort to boost personal loans
July 13, 2017
With the goal of offering customers a solution to their current financial situation, Popular announced the start of its new personal loans campaign, under the slogan “Consolidate with a personal loan,” expanding on the benefits of this solution.
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Pataki: P.R. Gov’t, OBoard acting in ‘bad faith’
June 21, 2017
George Pataki, Former New York Gov. and advisor to Ad Hoc Group Of Puerto Rico General Obligation Bondholders, Issued a memorandum saying Gov. Rosselló and the Fiscal Board are acting in bad faith.
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Chicago groups join PR leaders calling for debt audit
May 26, 2017
Coinciding with the release of the “Wall Street’s Power Grab in Puerto Rico” study, VAMOS4PR and Chicago-based stateside labor, community, cultural, and human rights groups joined Puerto Rico leaders in calling for an audit into the legality of Puerto Rico’s $72 billion debt.
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Experts: Board head Jaresko revived Ukraine’s economy
May 22, 2017
Ukraine, 66 times the land area of Puerto Rico, is the largest country wholly within Europe. The Texas-size former Soviet republic has precious little in common with the tiny U.S. commonwealth except that both are rapidly losing population — and both face huge fiscal challenges ahead.
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GDB, creditors reach debt restructuring agreement
May 16, 2017
Gov. Ricardo Rosselló announced Monday that the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, for its Spanish acronym) and the Government Development Bank of Puerto Rico have entered into a restructuring support agreement (RSA) with a significant portion of its major stakeholders.
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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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PREPA RSA provides for consensual debt restructuring
May 9, 2017
The Puerto Rico Electric Power Authority provided additional detail on its previously announced extension and supplement to its restructuring support agreement (RSA) with the ad hoc group of PREPA bondholders, the fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
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AEI panel debates P.R. fiscal crisis in Washington
May 5, 2017
WASHINGTON — A group of economists meeting in Washington debated Puerto Rico’s fiscal future Wednesday, the day after a deadline for the Commonwealth to negotiate a payment plan with its debtholders expired, and just as Puerto Rico Gov. Ricardo Rosselló filed for a type of bankruptcy protection under PROMESA.
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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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Art and creditors: Tactics from Detroit’s debt mediator
April 20, 2017
The Detroit Industry mural of the Mexican painter Diego Rivera rises magnificent, grandiose, at the atrium of the Detroit Institute of Arts (DIA).
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Op-Ed: First public hearing on debt audit: Will it happen?
April 14, 2017
Imagine that the Puerto Rico Commission for the Comprehensive Audit of the Public Credit is operating and that it calls for public hearings.
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Rosselló announces deal with PREPA bondholders
April 6, 2017
Puerto Rico Gov. Ricardo Rosselló announced that the Fiscal Agency and Financial Advisory Authority acting on behalf of the Puerto Rico Electric Power Authority has reached an agreement in principle regarding an enhancement of the terms of the restructuring support agreement with the Ad Hoc Group of PREPA bondholders, its fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
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Congress presses panel on status of PREPA restructuring
March 23, 2017
The Subcommittee on Indian, Insular and Alaska Native Affairs held an oversight hearing on the status of the Puerto Rico Electric Power Authority Restructuring Support Agreement, pressing for certain specifics the island’s top administrators could not provide.
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