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New York State Budget Approved
A $142 billion budget for New York State approved Tuesday night devotes billions toward infrastructure enhancements.
Image: Bloomberg News
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Puerto Rico Electric Power Authority's forbearing bondholders announced an offer Wednesday that would avoid expected cash defaults.  more »
Puerto Rico’s economic activity index was down in January and up on February.  more »
Sue Perez will run Massachusetts’ debt management department, state Treasurer Deborah Goldberg announced.  more »
Connecticut Gov. Dannel Malloy has formed a panel to explore financing options for overhauling its transportation infrastructure "over the next 30 years and beyond."  more »
FEMA is providing its largest grant ever -- $3 billion—to the New York City Housing Authority to repair and protect 33 developments severely damaged during Hurricane Sandy.  more »
Puerto Rico officials voiced optimism Monday and Tuesday about recent developments with the Commonwealth’s debt and budget.  more »
A New York City agency failed to properly monitor contractors after Hurricane Sandy and paid $6.8 million to them for flawed or incomplete, Comptroller Scott Stringer said in an audit.  more »
The Puerto Rico Electric Power Authority and its creditors have agreed to extend their previous forbearance agreement another 15 days, PREPA announced late Monday.  more »
Atlantic City, N.J. has received a 60-day extension on a $40 million state loan due on March 31 on the heels of an emergency manager report that suggested bond restructuring as a possible solution to boost the struggling city's finances.  more »
Puerto Rico Electric Power Authority may announce whether its bondholders agreed to extend a forbearance agreement on more than $8 billion of debt.  more »
New York City's budget forecast in the coming years is "sound", but still faces risks that could alter estimates, according to a new report from the Independent Budget Office.  more »
Long Island's Suffolk County struck an agreement with New York State to not expand its correctional facility this year resulting in long-term savings for the local government.  more »
Puerto Rico's unemployment rate plunged to a seven-year low in February, even as a survey of employers showed the number of people working for them slipped from January.  more »

Although defaults have not yet occurred, it is not too early for holders to take a hard look at the applicable bond documents to evaluate their rights and leverage in the restructurings or refinancings that have begun and which may proliferate in the years ahead.

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