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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Op-Ed: Why is it ‘yes’ to them and ‘no’ to us?
July 7, 2016
For years it has been a customary practice to provide incentives to large foreign companies and chain stores that decide to land in Puerto Rico, from the very moment they plan to settle here.
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OBALearn nabs national business certification
July 7, 2016
OBALearn, an online learning company based in San Juan that provides training for the individual and corporate market in financial and cost management, has received the national certification as a Women’s Business Enterprise by the Women’s Business Development Council of Florida, a regional certifying partner of the Women’s Business Enterprise National Council (WBENC). “We’re proud […]
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P.R. legal-assistance firm gets $11.8M in BofA settlement
July 6, 2016
The Fundación Fondo Acceso a la Justicia Inc., a legal-assistance organization based in Guaynabo, is receiving more than $11.8 million from a Bank of America mortgage settlement with the U.S. Department of Justice and six states, said Eric D. Green, independent monitor of the Aug. 2014 case.
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Yauco coffee grower ordered to pay $101K in back wages
July 6, 2016
A consent judgment has been filed in federal district court ordering a Yauco coffee grower to pay $101,484 in back wages to more than 170 year-round farm workers and seasonal coffee pickers who the company underpaid between 2011 and 2014.
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Aerostar celebrates 3rd annual debris-removal event
July 6, 2016
Employees at Luis Muñoz Marín International Airport, along with representatives from different airlines and members of the airport community, celebrated their 3rd annual FOD (Foreign Object Debris) Walk with the goal of cleaning up ramps and other areas where airplanes operate.
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P.R. bankruptcies remain flat in June, up 5% so far in ’16
July 5, 2016
Puerto Rico’s bankruptcy levels remained flat last month, when the total number of companies and individuals who turned to the U.S. Bankruptcy Court for help was up by two cases when compared to the same month in 2015.
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GDB bondholders seek to continue court challenge
July 5, 2016
Puerto Rico Government Development Bank bondholders filed a motion to ensure that they may continue to pursue their constitutional challenges to the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, Law 21 of 2016, known as the “Moratorium Act.”
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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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AT&T invested $100M in network upgrades in P.R. in ’15
July 1, 2016
Wireless carrier AT&T made 460 wireless network upgrades in Puerto Rico, added four new cell sites, and completed more than 450 network capacity enhancements last year, when it invested some $100 million in its infrastructure, the company said Thursday.
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P.R Premium Outlets gets ’16 TripAdvisor nod
July 1, 2016
Puerto Rico Premium Outlets announced Thursday it has received a TripAdvisor Certificate of Excellence.
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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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$45M AC Hotel by Marriott breaks ground in Condado
June 30, 2016
The groundbreaking ceremony for the first AC Hotel by Marriott in San Juan took place Wednesday for what will be a $45 million investment by Ashford 1369 Hospitality, LLC, an affiliate of Interlink, which acquired the former Ambassador Plaza & Casino property in Condado.
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AGC hosts construction industry biz matchmaking event
June 30, 2016
The Associated General Contractors of America, Puerto Rico Chapter, recently held the third edition of its Business Match Making to connect general contractors with suppliers of products and services related to the construction industry, including sub-contractors.
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P.R. Telephone Co., parent co. to pay $1.1M FCC fine
June 29, 2016
The Federal Communications Commission announced today that Puerto Rico Telephone Company and its parent company, América Móvil of Mexico, will pay $1.1 million to resolve an investigation by the FCC’s Enforcement Bureau.
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