Greece: An example for P.R. to follow rather than fear?
July 22, 2016
WASHINGTON — In the past 12 months, it’s become fashionable to equate Puerto Rico’s fiscal meltdown with the recent Greek tragedy in which a proud nation of 11 million inhabitants nearly got kicked out of the 28-member European Union.
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La Fortaleza signs PRASA Revitalization Act into law
July 14, 2016
Puerto Rico Acting Gov. Víctor Suárez, signed House Bill 2864 into law Wednesday, creating the Puerto Rico Aqueduct and Sewer Authority Revitalization Act, a statute that gives the water utility the tools to access capital markets and achieve self-sustainability.
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Brookings panel explores PROMESA’s implications
July 13, 2016
WASHINGTON — A four-member panel convened here Tuesday to discuss the long-term lessons of Puerto Rico’s debt crisis for other jurisdictions in financial trouble.
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Acosta to step down as GDB chief after ‘3 ½ tough years’
July 8, 2016
Saying she “did the best she could with the tough hand that was dealt” and ending 12 years of public service, Puerto Rico Government Development Bank President Melba Acosta is stepping down from her post, effective July 31.
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PRASA to start seeking external financing in mid-August
July 8, 2016
Puerto Rico Aqueduct and Sewer Authority Executive Director Alberto Lázaro confirmed Thursday the agency is waiting for the governor to sign the law that will allow it to pursue external financing to begin talking to creditors next month.
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PRASA reaches forbearance agreements with creditors
July 7, 2016
The Puerto Rico Aqueduct and Sewer Authority has reached forbearance agreements with a number of federal and local government agencies to put off making payments for at least six months, according to filings submitted to the Municipal Securities Rulemaking Board on Wednesday.
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PREPA reaches deal with creditors; S&P cuts rating
July 1, 2016
The Puerto Rico Electric Power Authority announced Thursday its intention to pay all principal and interest due on July 1, 2016 under its power revenue bonds in accordance with the terms of an agreement with creditors holding approximately 70 percent of the utility’s outstanding debt, company officials said.
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U.S. Senate passes PROMESA, Obama could sign it today
June 30, 2016
The U.S. Senate passed S. 2328, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Wednesday with a bipartisan vote that should send the measure to Pres. Barack Obama’s desk for signing today.
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P.R. credit unions have $486M in reserves to face losses
June 29, 2016
Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
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Moody’s: New surcharge ‘positive’ for PREPA creditors
June 28, 2016
Moody’s Investors Service said Monday the new surcharge on customers’ electricity bills approved last week by the Puerto Rico Energy Commission to be used to pay debt service on new securitization bonds to be issued as part of the Puerto Rico Electric Power Authority’s debt restructuring is positive for creditors.
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Lobbying for, against PROMESA heats up in U.S. Senate
June 24, 2016
Lobbying efforts both for and against the approval of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) bill at the Senate gained steam in Washington Thursday, with public- and private-sector representatives making their case with U.S. Senators.
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Water rate hike looms as lawmakers clash on PRASA bill
June 23, 2016
A yet undefined increase on water rates for residential and commercial customers could come as early as mid-July, if lawmakers are unable to move a bill authorizing financing mechanisms for the cash-strapped Puerto Rico Aqueduct and Sewer Authority, agency officials said Wednesday.
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GO bondholders sue P.R. over debt avoidance legislation
June 21, 2016
Certain entities owning Puerto Rico's General Obligation bonds filed a suit in the U.S. District Court for the Southern District of New York today, seeking to invalidate the Emergency Moratorium and Financial Rehabilitation Act enacted by the Commonwealth to delay the repayment of debts.
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Backyard Bondholders hosting forum on June 27
June 15, 2016
Backyard Bondholders Inc. will host its first major forum on June 27 featuring a series of conferences focusing on how Puerto Rico’s fiscal crisis is directly affecting more than 60,000 island residents holding bonds representing some $15 billion in public debt.
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US House clears PROMESA Act with amendments
June 10, 2016
Following an all-day session, the U.S. House passed H.R. 5278, known as the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”) on Thursday, with a bipartisan vote of 297-127 and a number of amendments.
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