Congress to review PREPA debt restructuring deal
March 22, 2017
The Congressional Subcommittee on Indian, Insular and Alaska Native Affairs will hold a hearing today on the status of the Puerto Rico Electric Power Authority Restructuring Support Agreement, which is set to expire Mar. 31.
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PR GO, COFINA bondholders spar over pending litigation
February 23, 2017
The COFINA Seniors Coalition on Wednesday filed a motion to join litigation already pending in the U.S. District Court in Puerto Rico — Lex Claims, LLC et al. v. Garcia-Padilla et al. — to expose what they called “meritless, self-serving claims brought by a litigious faction” of General Obligation ("GO") bondholders.
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Moody’s: PREPA still open to consensual restructuring
February 3, 2017
Recent events related to the ongoing negotiation between the Puerto Rico Electric Power Authority and its creditors, including an extension through March 31 of the restructuring support agreement, suggests there’s still room for consensual accords, Moody’s Investors Service said in an analysis released Thursday.
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PR gov’t defaults on $312M in debt, interest due Feb. 1
February 2, 2017
The Commonwealth of Puerto Rico defaulted on $312 million in principal and interest due Feb. 1st by four credit-issuing entities, including constitutionally protected General Obligation bonds, the government confirmed Wednesday.
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UN: ‘Human rights cannot be sidelined” in PR crisis
January 10, 2017
The United Nations Independent Expert on foreign debt and human rights has called for fair solutions to the huge debt crisis in Puerto Rico, warning that ratcheting up austerity measures will threaten residents’ human rights and worsen the U.S. territory’s “intolerable” poverty levels.
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Gov’t releases RFQ for new strategic advisor, legal counsel
January 5, 2017
The new administration under Puerto Rico Gov. Ricardo Rosselló on Wednesday released a Request for Qualifications (RFQ), seeking a new strategic advisor and legal counsel to move ahead with restructuring the Commonwealth’s $68 billion debt.
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PREPA makes $192.5M January bond interest payment
December 28, 2016
The Puerto Rico Electric Power Authority announced Wednesday the payment of $192.5 million in interest on its power revenue bonds due on Jan. 1, 2017.
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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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Fiscal health index shows most P.R. towns carry deficits
October 26, 2016
The majority of Puerto Rico’s 78 municipalities are in dire financial conditions, with more than half carrying deficits on their general funds, the Center for Integrity in Public Policy (CIPP) revealed in its third annual Financial Health Index.
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PRASA looks to staff, service PRASA Revitalization Corp.
October 19, 2016
The Puerto Rico Aqueduct and Sewer Authority’s (PRASA) board of directors on Tuesday authorized the creation of a Memorandum of Understanding to provide staff and services to the PRASA Revitalization Corp., formed recently to provide external financing to the cash-strapped water utility.
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Backyard Bondholders balk at govt’s 10-year fiscal plan
October 18, 2016
Backyard Bondholders, a nonprofit group representing more than 60,000 individual Puerto Rican creditors holding about $15 billion in public debt, warned Monday that the government’s proposed 10-year fiscal plan would jeopardize future economic growth recovery.
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Probe reveals questionable aspects of PREPA bond issue
October 4, 2016
A pre-audit survey report released Monday by the Commission for the Comprehensive Audit of the Public Credit of Puerto Rico analyzing a $673 million bond issue by the Puerto Rico Electric Power Authority has raised a number of questionable aspects of the transaction completed in 2013.
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Fiscal oversight board should hold 1st meeting next week
September 13, 2016
The seven-member Financial Oversight and Management Board for Puerto Rico is expected to meet sometime next week for the first time since being constituted by President Obama to address the island’s economic crisis, Richard Ravitch, who will represent the Commonwealth’s governor in the body, said Monday.
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PREPA board extends AlixPartners’ contract for $6.7M
August 16, 2016
The Puerto Rico Electric Power Authority announced Monday the extension of the AlixPartners’ contract to continue the ongoing progress on the comprehensive transformation and debt restructuring of the utility through Dec. 15, 2016, for $6.7 million in fees.
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Bonistas del Patio blasts GDB debt restructuring law
July 28, 2016
Bonistas del Patio Inc., which groups Puerto Rican bondholders holding about $15 billion in Commonwealth debt, called Gov. Alejandro García-Padilla’s decision to sign a law to restruction the Government Development Bank’s outstanding debt “irresponsible and illegal.”
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