Puerto Rico

President Obama signed the Puerto Rico relief bill Thursday, paving the way for the appointment of an oversight board and the first steps in what legislators and observers agree will be a long process of bolstering the commonwealth’s fiscal health.

The Puerto Rico Electric Power Authority announced that it was borrowing $264 million to avoid a default on Friday.

Legislation to rescue Puerto Rico from its debt crisis is moving to President Obama’s desk for a signature after the Senate approved it 68 to 30 Wednesday, just two days before the commonwealth is expected to default on a $2 billion debt payment.

As of Wednesday afternoon the Puerto Rico Electric Power Authority was in talks about Friday's debt payment.

The Senate is poised to pass the Puerto Rico rescue bill after clearing what many say was the final hurdle for the legislation on Wednesday morning, invoking cloture by a vote of 68 to 32.

Puerto Rican legislative leaders are debating how much the government should allocate to debt service versus other needs in the budget for fiscal year 2016-2017.

The Senate is poised to begin debate on the House’s Puerto Rico rescue bill Wednesday morning with a possible final vote taking place later in the day.

Senate Majority Leader Mitch McConnell late Monday filed for cloture on the Puerto Rico rescue bill currently waiting for Senate consideration, setting up a procedural vote for as soon as Wednesday morning.

The Puerto Rico Energy Commission approved a provisional 1.3 cents per kilowatt-hour increase in Puerto Rico Electric Power Authority rates.

Treasury Secretary Jack Lew added to the pressure for quick passage of a Puerto Rico rescue bill in a letter to the Senate leadership on Monday, even as some public finance professionals maintain the bill is unnecessary and could be harmful for the commonwealth.

Puerto Rico said it would not be paying bond anticipation notes from the Puerto Rico Infrastructure Finance Authority.

A debate about a bill to help the Puerto Rico Aqueduct and Sewer Authority sell a bond has degenerated into angry exchanges between Puerto Rico House and Senate leaders.

Puerto Rico and Obama administration officials said on Thursday it is imperative that a House bill designed to help the commonwealth be passed into law before the territory’s expected debt payment default on July 1.

The Senate is expected to keep Puerto Rico waiting for progress a House bill to help the island address its debt crisis, as other options for the commonwealth have continued to be eliminated.

The Puerto Rico Energy Commission approved a mechanism to support the restructuring of the debt of the Puerto Rico Electric Power Authority.

Hedge funds holding Puerto Rican general obligation bonds sued the commonwealth Tuesday after debt restructuring talks broke down.

The Bonistas del Patio, or “Backyard Bondholders,” is holding a forum on Monday, June 27, which will focus on the Commonwealth’s current bond situation, investments, and vision for the future. HJ Sims is participating in the event which features a special panel with appearances by the Puerto Rico gubernatorial candidates.

Even before the Senate takes up the House Puerto Rico bill, the names of several individuals are being floated as possible candidates for the oversight board the legislation would create.

Three Puerto Rico legislators are proposing a bipartisan bill aimed at avoiding a July 1 default through a bondholder exchange.

Sen. Bob Menendez, D-N.J., said on Thursday that he plans to offer amendments to a House bill designed to help Puerto Rico to make the bill fairer to Puerto Rican residents.