Puerto Rico

Pedro Pierluisi proposed two measures as an alternative to Law 7-2021, over which the Oversight Board sued the governor and the legislature a week ago.

Puerto Rico's government would pay attorneys to represent the interests of bondholders who own less than $1 million of Puerto Rico bonds.

The Oversight Board filed a suit against a new law that contradicts certain provisions in the plan of adjustment. Gov. Pierluisi says the litigation is not necessary.

The $10.1 billion General Fund focuses on operational improvements, Medicaid reform, and enhancing tax compliance.

Board says all the objections to disclosure statements are without legal merit or should be addressed at the plan of adjustment confirmation.

The board said the measures passed by both the Puerto Rico House and Senate would harm the economy.

Economists in Puerto Rico panned the proposal to raise the rate to $9 per hour saying it would hurt businesses.

The board set a noon Thursday deadline for repeal of Act 7, otherwise it will seek a legal remedy.

Puerto Rico's government tells the court the Disclosure Statement should address the likelihood the legislature will not approve new bonds for the plan of adjustment since the plan cuts pensions.

The Justice Department analysis was released Wednesday in conjunction with a House Natural Resources Committee hearing on two competing bills aimed at determining the territory’s future.

Also on Wednesday Judge Swain said she would not send out the central government bankruptcy's disclosure statement until she was satisfied with it.

An outage that a LUMA Energy spokesperson said could have been triggered by sabotage left 900,000 customers without power on Thursday.

Jose Ramirez says he doesn't recognize the criminal mastermind portrayed in the SEC's complaint against him.

Through the first nine months of the fiscal year, Sales and Use Tax collections are up 30% from the year earlier.

In the bill the governor signed, lawmakers will not approve a plan of adjustment with cuts to pensions, which the current proposed plan includes.

Biden called on Congress to amend the Social Security Act to include Puerto Rican residents for benefits. The Oversight Board has said the benefits would lead to $1 billion more per year to island residents.

Bank of America, JPMorgan, Goldman Sachs, Citigroup, UBS, Morgan Stanley, RBC, and Santander are defendants.

A return to the local court remains possible.

If Congress does not act on the island’s Medicaid funding by the end of September, the funding shortfall would force officials to drop an estimated 800,000 people from the rolls.

Court gives Senate president short deadline to respond to legal inquiries and experts do not see a strong case.