Puerto Rico

The House Natural Resources Committee on Wednesday postponed its scheduled release of a new bill to help Puerto Rico for what members hope will be only one day as discussions about acceptable revisions continued.

Puerto Rico economists are concerned credit unions, which provide financial services to more than a third of the island's citizens, may prove vulnerable as the debt crisis ripples through the local economy.

Ambac Assurance Corp. sued the Puerto Rico Highways and Transportation Authority to prevent what the insurer called improper siphoning of money.

The Puerto Rico Electric Power Authority demanded Tuesday that its negotiating bondholders lend it $111 million by the end of Thursday.

The Puerto Rico Electric Power Authority Bondholder Group is offering to advance their arrangements with PREPA through putting money into escrow.

With the House Natural Resources Committee planning to release a new Puerto Rico bill on Wednesday and vote on it a week later, Treasury Secretary Jack Lew traveled to the commonwealth to hold meetings to drum up support for a legislative solution.

Donald Trump, the Republican presidential nominee, said Puerto Rico has to “cut its debt way down” in order to survive.

Puerto Rico has declared a moratorium on payments on an additional Puerto Rico Infrastructure Finance Authority bond issue.

S&P Global Ratings said it lowered its issuer credit rating on the senior unsecured debt of the Government Development Bank for Puerto Rico (GDB) to D (default) from CC.

U.S. Treasury Secretary Jack Lew said concern for the people of Puerto Rico is the primary reason he wants lawmakers to adopt restructuring legislation for the commonwealth.

Puerto Rico’s legislature rejected the roll-out of a value added tax and approved a measure aimed at helping the Puerto Rico Aqueduct and Sewer Authority sell bonds.

Treasury Department secretary Jack Lew on Monday sent a letter to congressional leaders warning them that further inaction on a bill to help Puerto Rico pending in the House could lead to a taxpayer-funded bailout.

Puerto Rico imposed a moratorium on Government Development Bank principal payments Monday while also announcing two restructuring deals on the GDB debt.

As Puerto Rico faces bond defaults on Monday and July 1 without legislative relief from Congress, analysts say new litigation is increasingly likely.

Allies of Puerto Rico Gov. Alexandro García Padilla have turned against an already approved increase in a business-to-business tax and conversion to a value added tax.

A haircut of up to 47% is being negotiated between the Government Development Bank for Puerto Rico and holders of some of its debt.

The Puerto Rico Senate may still vote to exempt guaranteed and trust debt from a debt payment moratorium.

A vote on the Puerto Rico bill may be stalled until mid-July as many, including unions and other groups, press for changes to address concerns over debt restructuring and oversight board provisions as well as to protect the island's pensioners

Puerto Rico's Senate is set to approve a bill Tuesday that would allow the governor to retain the right to declare debt payment moratoriums on virtually all of the island's debt, according to the Senate's leader.