Puerto Rico

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.

The primary union at the Puerto Rico Electric Power Authority has sued to overturn the law that paved the way for its restructuring agreement with creditors.

Puerto Rico Gov. Alejandro García Padilla appointed Víctor Suárez Meléndez to lead the commonwealth’s debt restructuring and oversee its management of debt.

The Puerto Rico House of Representatives voted overwhelmingly to exempt certain debt from eligibility for a payment moratorium it passed in April.

Puerto Rico Gov. Alejandro García Padilla is pushing Puerto Rico legislators to let him retain the right to halt all debt payments starting July 1 as they consider legislation to amend the payment moratorium bill signed earlier this month.

Puerto Rico got a mixed March employment report from the U.S. Bureau of Labor Statistics Friday.

House Republican leaders plan to hold a policy meeting Friday morning with their members on pending legislation for Puerto Rico to try to gain more support for it.

Puerto Rico’s economy has been worse that reported, according to the most widely cited measure of its economic activity.

The Natural Resources Committee has indefinitely delayed the vote that was planned for Thursday on the Puerto Rico bill as its members, Treasury Department officials and other stakeholders continue to try to address the concerns raised about the measure and change its provisions to ensure they can get enough votes to pass it.

The House Committee on Natural Resources is moving forward with a bill to help Puerto Rico that loosens provisions regarding the oversight board but still keeps the cram down and debt litigation moratorium portions of an earlier version that drew criticism.

Standard & Poor's has declared the Government Development Bank for Puerto Rico in "selective default" because the governor has partially frozen account withdrawals.