Former Puerto Rico Gov. Alejandro García-Padilla has been appointed partner and president of Spanish law firm Cremades & Calvo-Sotelo’s new practice on the island, which will begin operating today, the company’s Chair Javier Cremades said.
A group of Government Development Bank for Puerto Rico creditors have filed an amended complaint in the U.S. District Court for the District of Puerto Rico challenging the constitutionality of certain aspects of the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, and certain related executive orders.
Puerto Rico Gov. Alejandro García-Padilla met with a group of unidentified advisors to the Commonwealth’s creditors to communicate, first hand, the need for Puerto Rico reach a broad restructuring of its $70 billion public debt to sustainable levels, his office said Tuesday.
Puerto Rico Gov. Alejandro García-Padilla announced Monday he will not seek re-election to his post next year, to “concentrate” on addressing the island’s fiscal problems.
Puerto Rico Gov. Alejandro García-Padilla announced Monday a multi-pronged plan to address the island’s fiscal crisis to work with creditors on restructuring what he described as the “unpayable” $73 billion debt.
Puerto Rico Gov. Alejandro García-Padilla introduced Wednesday the measure paving the way for a $9.8 billion General Fund budget, and a $28.8 billion consolidated budget for Fiscal 2016.
Citing local and federal Constitutional rights that establish freedom of information, New Progressive Party Rep. José Enrique Meléndez filed a lawsuit against the Government Development Bank and Gov. Alejandro García-Padilla, asking the court to order them to release reports crafted by private firms proposing a restructuring of Puerto Rico’s economy.
Gov. Alejandro García-Padilla signed Sunday an executive order to extend service hours for certain Puerto Rico government agencies, as was established by law more than a decade ago.
Moody's Investors Service, the first of the trio of ratings agencies that a month ago slashed Puerto Rico’s credit to junk, on Tuesday removed the "provisional" designation from the Ba2 rating assigned to the Commonwealth’s issuance of $3.5 billion 2014 A General Obligation Bonds priced earlier in the day.
Puerto Rico Gov. Alejandro García-Padilla presented Thursday a consolidated budget of $29 billion and an operating budget of $9.83 billion for fiscal 2014, representing a $750 million increase when compared to the current budget, which he said will be covered with new revenue.
Puerto Rico’s economy stands to make $200 million a year through the arrival of Southwest Airlines, which landed on the island for the first time Sunday morning, carrying more than 170 passengers from Orlando.
Three high-ranking Puerto Rico government officials, Gov. Alejandro García Padilla, Economic Development and Commerce Secretary Alberto Bacó and Puerto Rico Industrial Development Company Executive Director Antonio Medina, jetted off to Brazil Sunday to participate in “The Government Leaders Forum — Latin America and The Caribbean,” hosted by Microsoft.
Amid outcry from many public workers who will see their pension benefits dwindle once they retire from their government jobs, Puerto Rican lawmakers approved and Gov. Alejandro García-Padilla signed a sweeping reform aimed at “rescuing” Commonwealth’s Employees Retirement System.
Gov. Alejandro García-Padilla detailed Thursday the progress of his administration’s strategies to revive the island’s economy, saying among other things that the private sector has already pledged to create 15,896 of the 50,000 he vowed to lock down in the first 18 months of his tenure.
Saying his administration “will always keep its word and honor its legal responsibilities,” Puerto Rico Gov. Alejandro García-Padilla gave the final go-ahead to the public private partnership through which the government will pass the responsibility of operating and managing the Luis Muñoz Marín airport to a private consortium.
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