Puerto Rico

Gov. Alejandro Garcia Padilla late Thursday invoked Puerto Rico’s Moratorium Act on the payment of general obligation bonds and obligations of other public entities, opening the door to making partial payments on about $2 billion of debt due Friday.

President Obama signed the Puerto Rico relief bill Thursday, paving the way for the appointment of an oversight board and the first steps in what legislators and observers agree will be a long process of bolstering the commonwealth’s fiscal health.

The Puerto Rico Electric Power Authority announced that it was borrowing $264 million to avoid a default on Friday.

Legislation to rescue Puerto Rico from its debt crisis is moving to President Obama’s desk for a signature after the Senate approved it 68 to 30 Wednesday, just two days before the commonwealth is expected to default on a $2 billion debt payment.

As of Wednesday afternoon the Puerto Rico Electric Power Authority was in talks about Friday's debt payment.

The Senate is poised to pass the Puerto Rico rescue bill after clearing what many say was the final hurdle for the legislation on Wednesday morning, invoking cloture by a vote of 68 to 32.

Puerto Rican legislative leaders are debating how much the government should allocate to debt service versus other needs in the budget for fiscal year 2016-2017.

The Senate is poised to begin debate on the House’s Puerto Rico rescue bill Wednesday morning with a possible final vote taking place later in the day.

Senate Majority Leader Mitch McConnell late Monday filed for cloture on the Puerto Rico rescue bill currently waiting for Senate consideration, setting up a procedural vote for as soon as Wednesday morning.

The Puerto Rico Energy Commission approved a provisional 1.3 cents per kilowatt-hour increase in Puerto Rico Electric Power Authority rates.