OBoard asks to hire advisory firm; top fee is $695/hr
August 15, 2017
The Financial Oversight and Management Board for Puerto Rico filed an application at the U.S. District Court to approve the hiring of Phoenix Management Services, LLC as financial advisor for the mediation team appointed in the Title III cases related to the Commonwealth’s bankruptcy proceedings.
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Op-Ed: OBoard is telling us to ‘Do as I say…not as I do’
August 3, 2017
We all learned this week, with considerable shock, that the Financial Oversight and Management Board for Puerto Rico has spent, during the course of just 10 months, the incomprehensible sum of $31 million out of our sad pockets.
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PREPA insurers ask court for independent receiver
July 19, 2017
A group of companies insuring the Puerto Rico Electric Power Authority’s debt filed a motion in the U.S. District Court for the District of Puerto Rico Tuesday, asking for the appointment of an independent receiver to pursue increased rates and to oversee certain operations of the public corporation.
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Velázquez, experts discuss ways to spur PR’s recovery
July 19, 2017
U.S. Rep. Nydia M. Velázquez (D-NY) hosted Tuesday a panel of experts and other members of Congress for a roundtable discussion on unlocking the keys to stimulating economic growth in Puerto Rico.
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Moody’s: PREPA’s Ca rating reflects ‘uncertain recovery’
July 13, 2017
Moody’s Investors Service's July 6 downgrade of the Puerto Rico Electric Power Authority’s credit rating to from Caa3 to Ca reflects “the increased uncertainty that now exists regarding the outcome and the timing of a future debt restructuring plan for PREPA, which in the end will lower bondholder recoveries.
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Pataki: P.R. Gov’t, OBoard acting in ‘bad faith’
June 21, 2017
George Pataki, Former New York Gov. and advisor to Ad Hoc Group Of Puerto Rico General Obligation Bondholders, Issued a memorandum saying Gov. Rosselló and the Fiscal Board are acting in bad faith.
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Op-Ed: It’s not just PROMESA…
June 13, 2017
In Puerto Rico we have focused so much on the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) that we seem to have forgotten that we are part of a much larger economy beyond our 100x35 and that what happens there has an impact on us.
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Oversight Board certifies Highway, Retirement Title III’s
May 23, 2017
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.
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Nonprofits ‘worried’ about bankruptcy under PROMESA
May 15, 2017
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.
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P.R. Int’l Insurance Center shielded from restructuring
May 12, 2017
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.
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AEI panel debates P.R. fiscal crisis in Washington
May 5, 2017
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.
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Reactions abound over govt’s Title III restructuring filing
May 4, 2017
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.
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Board extends fiscal plan deadline, names exec. director
January 30, 2017
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.
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Oversight Board outlines goals for P.R.’s fiscal plan
January 19, 2017
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.
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Gov. Rosselló signs 6 executive orders as he is sworn in
January 3, 2017
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.
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