Etiqueta: PROMESA Act
Spotlight on Puerto Rico – Governor’s rep in Fiscal Oversight Board (FOB) resigns
By Jennice Fuentes / Fuentes Strategies Governor Ricardo Rossello’s official representative on the Fiscal Oversight Board (FOB), Elías Sánchez, has resigned just six months into the post. Sánchez, a close confidante who also served as Rosselló’s campaign manager, said he was satisfied with the work he accomplished thus far, citing approval of the Fiscal Plan, the Island’s new ...
Spotlight on Puerto Rico – GDB Voluntary Restructuring Gets Green Light
By Jennice Fuentes / Fuentes Strategies The Fiscal Oversight Board (FOB) has approved the Restructuring Support Agreement (RSA) for the Government Development Bank (GDB). This is the first voluntary Title VI debt restructuring agreement under PROMESA. The FOB certified the RSA, with additional conditions that have yet to be made public. Implementation of the agreement is subject to ...
Junta de Supervisión Fiscal tendrá su reunión #8 en el Sheraton del Centro de Convenciones en Miramar
La Junta de Supervisión y Administración Financiera para Puerto Rico (la “Junta de Supervisión”) creada por el Congreso bajo la Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA” o la “Ley”) confirmó hoy que su octava reunión pública – y su cuarta a celebrarse en Puerto Rico – se llevará a cabo en San ...
Spotlight on Puerto Rico – Statehood wins landslide vote marred by boycott, low turnout
By Jennice Fuentes / Fuentes Strategies Puerto Rico held its fifth non-binding status referendum on Sunday, as 97% of voters who turned out voted for the Island to become the 51st state. The New Progressive Party (NPP) was the only political party that participated in the vote, while all opposition parties called for a boycott, resulting in the ...
Spotlight on Puerto Rico – FOB certifies Governor’s budget pending adjustments
By Jennice Fuentes /Fuentes Strategies Governor Ricardo Rosselló’s proposed $9.2 billion budget was quickly certified by the Fiscal Oversight Board (FOB), but with several caveats. FOB Chairman, José Carrión, wrote to the Governor and legislative leaders stating that, in order for the budget to take effect, the Legislature would have to make adjustments to certain ...
Título III de PROMESA – Ajuste de deudas: Los protagonistas y actores secundarios del proceso
por la Lcda. Yasmín Colón Colón, C.P.A., M.B.A., J.D. y el Lcdo. Rolando Emmanuelli Jiménez, J.D., LL.M. En un caso radicado bajo el Título III de la Ley PROMESA participan varias figuras importantes, cuyos roles y facultades están establecidos en la Ley, en conjunto con aquellas secciones del Código de Quiebras Federal incorporadas mediante la sección 301. Estas ...
Título III de PROMESA – Ajuste de deudas: Acreedores, suplidores y personas afectadas por el proceso
por la Lcda. Yasmín Colón Colón, C.P.A., M.B.A., J.D. y el Lcdo. Rolando Emmanuelli Jiménez, J.D., LL.M.* El 3 y el 5 de mayo de 2017 representan fechas de suma trascendencia en la historia de nuestro País, al ser estos los días en que la Junta de Supervisión Fiscal (la Junta) radicó una petición bajo el Título III ...
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, ...
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 ...
