Debt insurer Assured Guaranty has aligned with the Ad Hoc Group of Puerto Rico's General Obligation Bondholders, agreeing to the deferral of principal repayment of Puerto Rico General Obligation Bonds on terms “economically consistent with the previously released term sheet,” the group said Monday.
The Puerto Rico Electric Power Authority announced Tuesday it has extended its contract with AlixPartners through Aug. 15, 2016, as the utility seeks to implement its ongoing comprehensive financial restructuring and operational transformation.
Leaders of the Puerto Rico Private Sector Coalition signaled that the group’s lobbying efforts have made progress in convincing members of Congress and the White House to add a measure of “economic development authority” to the expected fiscal oversight board to be imposed on the Commonwealth government.
The Puerto Rico Electric Power Authority and its bondholder group announced this morning they have resumed talks, after walking away from the table nearly a week ago.
The Puerto Rico Society of Certified Public Accountants will host a seminar on how the island’s economic scenario will affect the insurance sector, which is expected to take a hit from the government’s debt restructuring process.
Gov. Alejandro García-Padilla said Thursday the government will take specific steps in coming months to face Puerto Rico’s fiscal crisis, which include no new taxes and no job cutbacks.
UBS Puerto Rico is cutting 40 out of 100 positions as part of a restructuring announced earlier this year that could also entail closing at least two of its five local offices. The layoffs are effective immediately.
The Puerto Rico Electric Power Authority announced Thursday that, following a competitive selection process, the Board of Directors has appointed Lisa J. Donahue as chief restructuring officer.
Shakespeare was right about one who protests too much: When denials are emphatic, it’s probably wise to believe the opposite.
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.
In early April, the government of Puerto Rico disclosed the hiring of a New York law firm that has handled more than 30 sovereign debt restructurings, including those of Greece, Argentina, Iraq and Russia.
T-Mobile USA announced Tuesday there will be a second round of layoffs in coming weeks as it continues to restructure its operation, a decision that will have no impact on its Puerto Rico operations, local officials confirmed.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA