Puerto Rico

The Puerto Rico Senate approved an automatic spending reduction mechanism to be used when there are revenue shortfalls.

Puerto Rico’s Senate, in the midst of a credit crisis, passed a balanced budget that covers general obligation debt and increases the appropriation to the Government Development Bank for its liabilities.

Puerto Rico’s House of Representatives passed a balanced budget that may necessitate a restructuring of Government Development Bank debt.

Puerto Rico Gov. Alejandro García Padilla’s administration is pressing for Congress to stop focusing on the question of Puerto Rico’s statehood and instead shift its energy to giving the island territory access to Chapter 9 bankruptcy powers that exist in the states.

The GDB’s leadership gained immunity from lawsuits Tuesday but learned Wednesday that it was losing its chairman of the board, David Chafey.

The Puerto Rico Electrical Power Authority announced Tuesday that it had replaced several of its leaders, including its executive director.

Puerto Rico’s government is considering a bill that would allow postponement of monthly set-asides for long-term general obligation debt payments.

The Puerto Rico House of Representatives is expected to pass a balanced budget Monday.

Puerto Rico Gov. Alejandro García Padilla is seeking immunity for the leadership and staff of the Government Development Bank in preparation for a possible debt crisis.

Lobbyists are pressuring lawmakers over a proposed bill to allow the territory’s authorities to declare bankruptcy, as a House panel prepares to hold a hearing on whether the territory should become a state.

The Government Development Bank for Puerto Rico is planning to offer a voluntary exchange for up to $4 billion in outstanding notes, according to the El Vocero website.

All of Puerto Rico Electric Power Authority’s stakeholders must make financial contributions to restore PREPA to financial stability, the authority’s chief restructuring officer Lisa Donahue told lawmakers Tuesday.

To get through a cash shortage this summer, Puerto Rico’s government may borrow from the island’s semi-autonomous government entities.

Puerto Rico’s May net revenues came in 9% short of budget in May.

A water shortage affecting Puerto Rico's eastern half poses new risks to the commonwealth's economy.

Puerto Rico’s Treasury Department is hoping to gain up to $400 million a year in taxes by legalizing and taxing tens of thousands of illegal video lottery machines.

The Puerto Rico government’s money shortage has forced it to slow the issuance of income tax refunds.

Creditors for the Puerto Rico Electric Power Authority extended forbearance for two more weeks in hopes of ironing out differences over a business plan that currently indicates a restructuring of debt.

Puerto Rico’s economic activity index was up for the fourth consecutive month in April.

A $2.3 billion recovery plan delivered to creditors by the Puerto Rico Electric Power Authority on June 1 has some "unworkable" aspects, according to a financial advisor to the utility's bondholders.