Puerto Rico

Hedge funds holding more than $750 million of the debt of Puerto Rico’s Government Development Bank revived a lawsuit, accusing the government of “changing the rules of the game” by amending its debt payment moratorium law.

The credit crisis in Puerto Rico may give Congress an opportunity to pass legislation that would allow direct regulation of state and local issuers, municipal market participants said Saturday.

The House Natural Resources Committee will meet to vote on the recently revised Puerto Rico bill starting on Tuesday and continuing the following day.

In another step forward in a nearly two-year old negotiated restructuring process, Puerto Rico Electric Power Authority’s creditors and insurers agreed to lend the utility $55 million.

United States Bureau of Labor Statistics’ reports on April employment in Puerto Rico were mixed.

The federal government announced plans today to help build and rehabilitate 752 housing units in Puerto Rico.

House members, government officials, and stakeholders all say the newest version of a bill to help Puerto Rico is a step forward, but their support for the measure seems tepid at best.

Puerto Rico Gov. Alejandro García Padilla froze the transfer of revenues from the Puerto Rico Highways and Transportation Authority to its bonds, making the commonwealth the biggest technical defaulter in United States municipal history.

Presidential candidate Sen. Bernie Sanders on Monday urged the federal government to extend emergency loans to Puerto Rico to aid in debt restructuring. But he opposed the idea of a control board, which has been a cornerstone of legislation proposed by House Republicans.

Puerto Rico’s revenues for April, the general fund’s most lucrative month, came in 6.3% higher than projected.