Etiqueta: Washington Watch

Raúl Maldonado

Washington Watch – Spotlight on Puerto Rico: Treasury Secretary Resigns, Governor Reshuffles Top Financial Spots

By Jennice Fuentes / Fuentes Strategies Treasury Secretary Teresa Fuentes resigned in a surprise move this week. In her resignation letter, the former partner at Ernst and Young said that the Governor should have a Treasury Secretary that shares his public policy views. She also alluded to the need for compassion and love of country in the Island’s ...

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

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 ...

Spotlight on Puerto Rico – Statehood wins landslide vote marred by boycott, low turnout

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

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 ...

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 ...