Gov. Alejandro García-Padilla signed into law Senate Bill 110, which amends the “Law of the Authority for the Redevelopment of the Land and Facilities of the Roosevelt Roads Naval Station” to extend its term as a public corporation for an additional 30 years, or until the Authority complies with the agreements with the U.S. Department of the Navy.
BlueMountain Capital Management, LLC filed a lawsuit on Tuesday against the government of Puerto Rico, challenging the legality of a new law that allows certain public corporations to avoid their debts.
Gov. Alejandro García-Padilla filed Wednesday at the Legislature the “Puerto Rico Public Corporations Debt Enforcement and Recovery Act,” to create a clear legislative framework to assist financially stressed public corporations overcome their problems “through an orderly, statutory process” that allows them to handle their debts fairly and equitably, while ensuring the continuity of essential services to citizens and infrastructure upgrades.
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