Puerto Rico

Puerto Rico offered a revised restructuring proposal to bondholders that includes paying more annually and extending the maximum maturity of debt by 18 years.

Several prominent Puerto Rico politicians are working to exempt about 46% of the commonwealth’s debt from the debt payment moratorium signed Wednesday.

PREPA’s Revitalization Corp. submitted proposed securitization charge-setting mechanisms to the Puerto Rico Energy Commission.

The House Natural Resources Committee is expected to release a revised version of its Puerto Rico bill on Monday, including a modification designed to avoid a constitutional challenge if the legislation is enacted, sources said.

The Puerto Rico Electric Power Authority said that its restructuring agreements with its creditors still are on track after the island government adopted a law allowing a debt payment moratorium.

Puerto Rico officials clashed with investors Wednesday as the government enacted a moratorium on paying the territory’s $70 billion of public debt.

Bond holders and analysts criticized Puerto Rico’s proposed debt payment moratorium, saying it would bog down the territory in constitutional challenges.

Puerto Rico health care providers, payers and stakeholders are pressing U.S. lawmakers and administration officials to increase funding for the territory’s Medicaid and Medicare programs in legislation.

A group of investors sued the Government Development Bank for Puerto Rico Monday to protect their interests after the governor said the bank can't make its $423 million debt payment due May 1.

The Puerto Rico Public Finance Corp. is the only Puerto Rico public sector entity that will fail to make a bond or note payment due Friday.

Puerto Rico’s governor will seek to add a debt payment moratorium and economic development initiatives to a Republican bill to help the territory resolve its financial crisis.

Draft legislation created by a House committee to help Puerto Rico has a good chance of moving forward with a lot of changes, but one major hurdle is its proposed temporary moratorium on litigation over Puerto Rico debt, sources said on Wednesday.

The official discussion draft bill released on Tuesday to help Puerto Rico is drawing criticism from nearly all sides.

Puerto Rico plans to appeal a federal court decision that will cut government revenue by overturning a imported goods tax increase imposed on Wal-Mart and other retailers.

A federal court ruling Monday has at least temporarily eliminated 0.48% of Puerto Rico’s revenue stream.

Puerto Rico officials and observers of the commonwealth’s continued fiscal turmoil are saying a circulated congressional proposal to help the territory is concerning in its current form and are waiting for an updated draft that is expected from the lead committee on the issue in Congress on Tuesday.

Analysts who follow Greece see lessons for U.S. lawmakers on how to avoid a protracted debt crisis in Puerto Rico.

The creditors of Puerto Rico Electric Power Authority are allowing the authority to delay its application for a rate calculation mechanism for the new restructured debt corporation.

House members are considering legislation for Puerto Rico that would mandate the creation of a federal oversight board and make it responsible for restructuring the territory’s debt and determining the priority of debt obligations and pension payments, several sources said on Wednesday.

Several of the Supreme Court Justices seemed sympathetic with Puerto Rico’s complaints that a federal appeals court ruling striking down its debt recovery law for its utilities leaves it “in a no man’s land” where it “is not entitled to the benefits,” but “ is subject to the burdens” of Chapter 9.