A group of nine leading Puerto Rico industry and business associations on Tuesday filed a legal challenge against a Puerto Rico Energy Commission move to impose the first in a series of what they called “unlimited, blank check" rate increases under the Puerto Rico Electric Power Authority debt-restructuring agreement.
A lack of a formal intervention protocol, such as the ones in place in the U.S. mainland for governments in distress, is making Puerto Rico’s restructuring process “uncomfortable” and more challenging to address, an expert with 25 years of experience in reforming troubled public and private sector entities said Wednesday.
The Puerto Rico Electric Power Authority announced Monday the extension of the AlixPartners’ contract to continue the ongoing progress on the comprehensive transformation and debt restructuring of the utility through Dec. 15, 2016, for $6.7 million in fees.
Puerto Rico Aqueduct and Sewer Authority Executive Director Alberto Lázaro confirmed Thursday the agency is waiting for the governor to sign the law that will allow it to pursue external financing to begin talking to creditors next month.
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.
Twenty-five members of Puerto Rico’s credit union sector unveiled today in New York a proposal to restructure the bulk of the government’s outstanding public debt, which calls for reducing the payment burden and providing guarantees to creditors.
The Puerto Rico Government Development Bank is waiting for creditors to submit a “global” restructuring offer that would address some $48 billion in debt in its entirety, rather than piecemeal, agency President Melba Acosta said during budget hearings Monday.
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.
The Puerto Rico Electric Power Authority has asked creditors for a two-week extension through May 13 to file its rate case before the Puerto Rico Energy Commission, which is a key element in the restructuring support agreement reached with creditors.
The government of Puerto Rico will default on several debt payments due May 2, including $422 million due from the Government Development Bank, “regardless of whether Congress enacts pending fiscal oversight legislation,” Moody’s Investors Service predicted.
Individual Puerto Rico bondholders announced the creation of Backyard Bondholders seeking to have a unified voice in the negotiations between the commonwealth’s government, the U.S. House of Representatives and other creditors on the restructuring of the public debt.
Puerto Rico Gov. Alejandro García-Padilla announced Tuesday the appointment of Secretary of State Víctor Suárez as executive director and sole member of the Financial Advisory Authority and Fiscal Agency to act as the Commonwealth’s fiscal agent, financial advisor and information agent.
The Puerto Rico Bankers Association said Wednesday the government’s decision to include Puerto Rico Electric Power Authority in the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act could jeopardize the closing this year of the consensual restructuring support agreement.
The House Committee on Natural Resources released H.R. 4900, the “Puerto Rico Oversight, Management, and Economic Stability Act” (known as PROMESA), co-sponsored by Committee Chairman Rob Bishop (R-UT) and Rep. Sean Duffy (R-WI).
A broad group of public and private-sector representatives from Puerto Rico are bearing down on Washington lawmakers this week, when a draft of the bill proposing an oversight board for the island is expected to be released and discussed during a hearing Wednesday.
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