Puerto Rico

The Puerto Rico government's plan to pay as little as 12% of its debt from fiscal 2016 to 2021 is likely to face legal and political challenges, observers say.

Puerto Rico Gov. Alejandro García Padilla announced Friday the planned start of construction of a train line between San Juan and Caguas.

Suggestions for handling Puerto Rico’s fiscal crisis, including a control board, continue to circulate in Congress as it prepares to resume its session after Labor Day.

The Puerto Rico Electric Power Authority still has months of work ahead to come to agreement on such issues as the maturity structure for its new bonds and improvements to its efficiency.

The proposed recovery plan agreed to by the Puerto Rico Electric Power Authority (PREPA) and certain bondholders, announced Wednesday, furthers the view that a restructuring of the issuer's debt obligations remains probable, Fitch Ratings said.

The Puerto Rico Electric Power Authority and its forbearing bondholders reached an agreement Tuesday night that would cut the amount of PREPA's outstanding debt, reduce near-term debt service, and lower interest rates.

A leader of Puerto Rico's primary opposition party has accused Millstein & Co. of a conflict of interest in its dealings with the Puerto Rico Electric Power Authority.

James Albino stepped down as executive director of the President’s Task Force on Puerto Rico Friday to take a deputy assistant secretary position with the Department of Veterans Affairs, an administration spokesperson confirmed.

Puerto Rico bondholders may get a clearer picture in the coming week of how they will fare under restructuring plans for $72 billion in debt.

U.S. lawmakers were presented with possible options that range from backstopping Puerto Rico's debt to authorizing Chapter 9 bankruptcy to installing a financial control board.

The 60 Plus Association announced on Thursday that it is forming a coalition of small holders of Puerto Rico bonds that will push for the creation of a financial control board and oppose bankruptcy legislation for the territory.

Buy-side analysts and strategists offered recovery solutions for Puerto Rico ranging from eligibility for Chapter 9 bankruptcy to Congressional intervention and economic reform.

The Puerto Rico Electric Power Authority said Tuesday it had reached oil and natural gas purchase deals that will save it $55 million annually.

The U.S. Supreme Court is unlikely to take up the Commonwealth of Puerto Rico's recent request to consider a twice rejected law that would give Puerto Rican public entities debt relief similar to that under Chapter 9 bankruptcy, according to several bankruptcy experts.

Puerto Rico’s economy gained about 2,700 jobs in July from June, according to the Bureau of Labor Statistics.

Multiple factors are pressuring Puerto Rico's nonprofit universities and hospitals, Standard & Poor's said Thursday.

The President of the Government Development Bank for Puerto Rico sent a letter to representatives saying that the P.R. Public Finance Corp. nonpayment on Aug. 1 was not a default.

The chief of staff to Puerto Rico’s governor said that the exchange of Government Development Bank notes is the most likely approach to the government’s liquidity crunch.

Puerto Rico’s July General Fund tax revenues were 3.5% higher than budgeted, according to the Puerto Rico Treasury Department.

Over 100 local state-side government officials signed a letter calling for Puerto Rico to be allowed to declare bankruptcy.