Puerto Rico

While Puerto Rico is at a crossroads, it must file for restructuring as soon as possible and work with the federal government to help resolve the commonwealth’s fiscal crisis, said outgoing Puerto Rico Gov. Alejandro García Padilla.

The appointee to be the head of the Puerto Rico Highways and Transportation Authority, Carlos Contreras Aponte, for the Rosselló administration, emphasizes the importance of modernization.

Puerto Rico Sen. Ángel Martinez Santiago is seeking “to extend the benefits of Obamacare up to its original date of 2019.”

Sen. Marco Rubio introduced a bill on Tuesday that he said would raise wages for workers in Puerto Rico and make hiring new employees more attractive.

Manuel Laboy Rivera, an engineer who has a background in luring stateside companies to set up shop in Puerto Rico, was tapped to oversee the Puerto Rico Department of Economic Development and Commerce.

The Financial Industry Regulatory Authority has ordered UBS to pay two Puerto Rican residents $18.4 million in damages, interest, and other fees over the residents’ investments in closed-end mutual funds concentrated in Puerto Rico bonds.

Puerto Rico Governor-Elect Ricardo Rosselló this weekend declined the governor’s offer to work on a fiscal plan for the oversight board.

While Congress and the Treasury Department have put a framework in place for Puerto Rico’s recovery, the key challenge ahead is whether they will be able to work together on health care and tax initiatives to spur economic growth in the commonwealth, said Kent Hiteshew, director of the Treasury’s Office of State and Local Finance.

Puerto Rico Governor Elect Ricardo Rosselló announced that Wanda Vázquez Garced will be the Secretary of Justice in his administration.

The Financial Industry Regulatory Authority found that Merrill Lynch failed to properly supervise customers’ investments in Puerto Rico bonds and closed-end funds.

Puerto Rico Governor-Elect Ricardo Rosselló chose his campaign manager, Elías Sánchez Sifonte, to replace public finance veteran Richard Ravitch as the island government's non-voting representative to the Puerto Rico Oversight Board.

The Puerto Rico Oversight Board hired financial and legal advisors including Proskauer Rose LLP, which worked for the Government Development Bank for Puerto Rico as recently as this spring.

The Puerto Rico Aqueduct and Sewer Authority said it wouldn’t have the money to make its debt payments in the next 10 years unless changes are made.

The Puerto Rico Oversight Board met with opposition from the territory’s governor, who said he wouldn’t cooperate in a fiscal plan that requires more sacrifice from citizens and doesn’t entail financial help from Washington.

Puerto Rico’s October revenues came in 11.9% above the government’s projections.

Puerto Rico said it faces a $3 billion cash shortfall in the current fiscal year without using the bankruptcy allowed under this year’s federal rescue legislation.

The judge hearing all the debt lawsuits in Puerto Rico’s federal court ordered continued stays in four cases.

Puerto Rico Governor-Elect Ricardo Rosselló is traveling to New York to meet with Puerto Rico bondholding groups this week, laying the groundwork to negotiate new terms for the island's debt.

As government leaders both nationally and in Puerto Rico enter transition periods after last week’s elections, Treasury is reminding officials both old and new to give a high priority to assistance for the commonwealth.

The Puerto Rico Oversight Board’s first island meeting will be far from population centers and be invitation only.