Puerto Rico

Puerto Rican civic, political, and business leaders from around the country met in Orlando Wednesday to rally for extending Chapter 9 bankruptcy to Puerto Rico public authorities but one speaker at the event urged caution in throwing support behind such a measure.

The Financial Industry Regulatory Authority ordered San Juan-based Santander Securities on Tuesday to pay $6.4 million for supervisory failures related to Puerto Rican municipal bonds.

The board of directors of the Puerto Rico Electric Power Authority has given the green light to possible rate increases, according to reports in the Puerto Rico press.

Resident Commissioner Pedro Pierluisi, D-P.R., has introduced a bill that would authorize the Treasury Department to guarantee future bonds issued by Puerto Rico and its authorities if it finds they have meaningfully improved the management of their finances.

The Puerto Rico Electric Power Authority’s financial performance was worse than expected in July and August.

In the midst of a spate of municipal bankruptcies and a credit crisis in Puerto Rico, a report from Kroll Bond Rating Agency highlighted a divergence among the credit rating services.

The Government Development Bank for Puerto Rico sued a tax collection body to hand over $400 million, some of which is for payments on bonds insured by Assured Guaranty.

Six advocacy groups are urging two key Senate Republicans to keep Congress from providing Puerto Rico with access to Chapter 9 bankruptcy protection.

Retired Detroit bankruptcy Judge Steven Rhodes and three House members will participate in a two-day meeting in Florida later this month to come up with some solutions to address Puerto Rico’s fiscal and health care crises.

The top Democrat on the House Natural Resources Committee is urging the committee chair to hold a hearing to “cast a spotlight” on the “gross inequity” hedge funds holding Puerto Rico debt are imposing on the commonwealth’s citizens.