The Financial Oversight and Management Board for Puerto Rico announced Monday it approved, certified and filed in the U.S. District Court for the District of Puerto Rico voluntary petitions under Title III of the Puerto Rico Oversight, Management and Economic Stability Act for the Puerto Rico Highway and Transportation Authority and the Government of Puerto Rico Employees Retirement System.
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.
The Puerto Rico International Insurers Association (PRIIA) issued a statement Thursday saying it operates under laws and regulations that insulate its member companies and their clients from any changes to Puerto Rico that Title III bankruptcy may bring about.
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.
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.
The Financial Oversight and Management Board for Puerto Rico on Saturday approved Gov. Ricardo Rosselló’s request to extend the deadline in which to present the administration’s fiscal plan to Feb. 28.
The Financial Oversight and Management Board for Puerto Rico on Wednesday outlined the goals, objectives and parameters that must be included in the new administration’s fiscal plan, as well as its willingness to extend the deadline to submit the document and effect a moratorium on creditor lawsuits, subject to specific conditions.
Gov. Ricardo Rosselló hit the ground running Monday, effecting six executive orders the same day he was sworn into his post as Puerto Rico’s 12th elected governor.
The Financial Oversight and Management Board for Puerto Rico announced Sunday it has submitted the names of three candidates for possible designation as revitalization coordinator to Puerto Rico Gov. Alejandro García-Padilla.
Oriental Bancorp reported $11.7 million in net income for the third quarter of 2016 ended Sept. 30.
Scotiabank Puerto Rico on Wednesday filed a complaint against the government of Puerto Rico to prevent the diversion and expropriation of certain tax revenue pledged as collateral to secure a loan the bank extended to the Metropolitan Bus Authority.
WASHINGTON — Half a dozen tax attorneys and D.C. policy wonks bickered Tuesday over how to bring Puerto Rico out of its perennial economic crisis in the context of PROMESA, the Puerto Rico Oversight, Management and Economic Stability Act.
Espacios Abiertos, a nonprofit organization that promotes transparency, announced Tuesday the creation of a website where it will post documents generated or published by the Fiscal Oversight Board.
The Puerto Rico Chapter of the Associated General Contractors of America recently unveiled its proposal for the “Revitalization of vital infrastructure on the island."
The Puerto Rico Chamber of Commerce (CofC) unveiled Wednesday its proposal to drive job creation and attract new capital investment to the island called Puerto Rico Empresa Inc., a public-private partnership to promote across-the-board collaboration.
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