Tag: Fuentes Strategies

UPR-RP

Spotlight on Puerto Rico – UPR in turmoil as Interim President, Board members resign

By Jennice Fuentes /Fuentes Strategies The University of Puerto Rico—already struggling through student protests of mandated Federal Oversight Board (FOB) budget cuts— made headlines again with the resignation of the University’s Interim President, Nivia A. Fernández. Fernández had refused to comply with a court order to reopen the gates at the UPR Río Piedras Campus, ...

Banco Gubernamental de Fomento para Puerto Rico

Spotlight on Puerto Rico – GDB reaches tentative deal with creditors

By Jennice Fuentes /Fuentes Strategies The Government Development Bank (GDB) has reached a tentative restructuring agreement with at least 45% of its creditors. The deal, negotiated by the Financial Advisory and Fiscal Agency Administration (AAFAF in Spanish) is expected to be finalized by September. The agreement allows GDB bondholders to exchange their current bonds and ...

Detalla el Tribunal Supremo requisitos para comparecer como amigo de la corte

Spotlight on Puerto Rico – PROMESA Stay Expires: What’s Next?

By Jennice Fuentes / Fuentes Strategies The PROMESA automatic stay on bondholder debt collection litigation expired at midnight last Monday night and there is still no word on whether or when Governor Ricardo Rosselló Nevares would petition the Fiscal Oversight Board (FOB) to enter into Title III restructuring. Title III is a court supervised bankruptcy-like ...

Junta de Control Fiscal

Washington Watch Special: Puerto Rico Fiscal Update

By Jennice Fuentes / Fuentes Strategies Fiscal Oversight Board approves fiscal plans for public corporations This morning the Fiscal Oversight Board (FOB) held its seventh public meeting to approve, and in some cases amend, fiscal plans for critical public corporations. Specifically, the Board approved fiscal plans for the Aqueduct and Sewer Authority (PRASA), the Government ...

Spotlight on Puerto Rico: House Democrats to hold Forum on Puerto Rico

Spotlight on Puerto Rico: House Democrats to hold Forum on Puerto Rico

By Jennice Fuentes / Fuentes Strategies Democrats on the House Natural Resources Committee will hold a Congressional Forum on Puerto Rico on Tuesday, May 2, 2017 from 2:00 p.m. to 3:00 p.m. in the U.S. Capitol. The stated purpose of the forum is to pressure the Financial Oversight Board (FOB) to authorize Title III debt ...

Spotlight on Puerto Rico: Upset with Fiscal Plan, Creditors Unite to Demand Changes

Spotlight on Puerto Rico: Upset with Fiscal Plan, Creditors Unite to Demand Changes

By Jennice Fuentes / Fuentes Strategies Puerto Rico’s major bondholders and debt insurers sent a letter to the Governor and the Fiscal Oversight Board (FOB) questioning the recently certified Fiscal Plan for the Island. The letter was co-signed by Oppenheimer Funds, Franklin Advisers, Santander Asset Management, Assured Guaranty Corp. and its subsidiary, Assured Guaranty Municipal ...

Juez federal Salvador Casellas regaña litigantes por malgastar tiempo y recursos del tribunal

Spotlight on Puerto Rico: Federal Appeals Court enforces stay in COFINA vs. GO lawsuit

By Jennice Fuentes / Fuentes Strategies The First Circuit Court of Appeals in Boston has ordered federal District Court judges in Puerto Rico to apply the stay in debt collection litigation, included in the PROMESA federal law, to all related lawsuits until the current stay expires on May 1. This order halts the ongoing judicial ...

Spotlight on Puerto Rico: Board approves 10-year fiscal plan

Spotlight on Puerto Rico: Board approves 10-year fiscal plan

By Jennice Fuentes / Fuentes Strategies For the first time since the Commonwealth was established in 1952, a federal entity has directly intervened to establish the contours of Puerto Rico’s internal fiscal and budgetary matters. As stipulated under the federal PROMESA law approved last year, the Fiscal Oversight and Management Board (FOB) now has the ...

Spotlight on Puerto Rico: Governor submits fiscal plan, setting up potential clash with Board

Spotlight on Puerto Rico: Governor submits fiscal plan, setting up potential clash with Board

By Jennice Fuentes / Fuentes Strategies Governor Ricardo Rosselló submitted his long-awaited fiscal plan to the Fiscal Oversight Board (FOB) last week. After initially balking at the FOB’s requirement to balance the budget in two years, Rosselló’s plan does exactly that. However, the FOB had asked the Governor to make $3 billion in cuts and ...