Puerto Rico

Puerto Rico’s retirement system plans to join an ongoing lawsuit filed against UBS over the alleged mishandling of pension obligation bond proceeds.

The Puerto Rico Energy Commission issued a five year plan for the island’s power authority, saying the utility had failed to come up with an acceptable alternative.

Puerto Rico Gov. Alejandro García Padilla said Friday morning that as of 6 a.m. 75% of Puerto Rican customers had electrical service.

Puerto Rico’s power outage may signal a need for greater investment in electric infrastructure, hurting returns for Puerto Rico Electric Power Authority bondholders who are in negotiations with the utility to restructure its business and debt.

Puerto Rico was hit by a major electrical outage sometime between 2 p.m. and 3 p.m. Wednesday.

U.S. House of Representatives staff person Bill Cooper denied reports he has been made the executive director of the Puerto Rico Oversight Board.

The Puerto Rico Aqueduct and Sewer Authority, seeking to fund safe drinking water projects amid the debt crisis, is trying to regain control of $188 million that’s frozen at the island’s Government Development Bank.

Puerto Rico’s Employment Shrank in August From July.

Rafael Hernández Montañez, a leading Puerto Rican legislator, called for the ouster of Carlos García from the Puerto Rico Oversight Board.

Responding to stories in The Bond Buyer and at least one other news outlet, Director of the Puerto Rico Office of Management and Budget Luis Cruz Batista said his office has been aware of Puerto Rico’s $2 billion in segregated funds all along.