Puerto Rico

Puerto Rico's government is closer to naming a master developer to repurpose the United States Navy's former Roosevelt Roads base through development that the government expects to create 20,000 long-term jobs.

Puerto Rico is doubling fares on its Tren Urbano rail line in San Juan to prop up the finances of the transit system.

In July Puerto Rico's economic activity index was down 0.8% compared to June.

Puerto Rico Gov. Alejandro García Padilla said Thursday that a Puerto Rico tax reform proposal will be ready in October, which would be sooner than had been anticipated.

The authority's forbearance arrangements with creditors reinforce banks' claims of priority over bondholders in getting repayment and make it more difficult for bondholders to force increases in PREPA rates.

The Puerto Rico Electric Power Authority's decision in its forbearance agreement to disclose certain information to only some its bondholders could put both PREPA and those investors at an increased risk of committing securities law violations, disclosure experts said Wednesday.

Analysts had mixed opinions on how the Puerto Rico Electric Power Authority defined the responsibilities of the chief restructuring officer in a Tuesday announcement.

Puerto Rico's unemployment rate was steady in July compared to June and other employment data was mixed.

The Puerto Rico Electric Power Authority put off a day of reckoning in an agreement with creditors announced Thursday, but still may be headed for what would be the largest municipal bond default in U.S. history.

The Puerto Rico Electric Power Authority announced agreements with insurers and bondholders controlling more than 60% of PREPA's outstanding bonds to amend existing bond documents to provide PREPA with liquidity and for PREPA to appoint a chief restructuring officer.