Puerto Rico

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.

The Puerto Rico Oversight Board is seeking comments on Gov. Alejandro García Padilla's proposed fiscal plan.

Puerto Rico Governor-Elect Ricardo Rosselló is seeking $900 million to get Puerto Rico through the current fiscal year.

Puerto Rico Gov. Alejandro García Padilla named Aaron Bielenberg as the PROMESA board’s revitalization coordinator.

Ricardo Rosselló Nevares' election as Puerto Rico's next governor is seen as positive for bondholders as the island's debt restructuring looms.

The city government of Toa Baja, Puerto Rico, shut down Monday due to lack of money, a path a municipal expert said other Puerto Rico municipalities will likely take in the next 12 months.

The judge hearing all the debt lawsuits in Puerto Rico’s federal court ruled for a continued stay in three cases, saying the delay in litigation won’t hurt the investors’ interests.

The Government Development Bank for Puerto Rico, with about $3.8 billion of debt outstanding, may fail and it’s possible that the island’s cities and public corporations won’t get all their deposits back, said Puerto Rico Secretary of the Treasury Juan Zaragoza.

Puerto Rico-based tax, economic and investment banking specialists are criticizing the 10-year fiscal plan the governor submitted to the Puerto Rico Oversight Board last month.

Puerto Rico announced that pharmaceutical giant Biogen will open a drug manufacturing factory on the island, creating 350 jobs.

Puerto Rico Gov. Alejandro García Padilla nominated five professionals for the board of directors of the Puerto Rico Electric Power Authority and three for the board of the entity planned to issue a securitized version of PREPA’s debt.