Puerto Rico's electric power authority PREPA is expected to ask bondholders to extend a forbearance agreement set to expire at the end of next March, Reuters reported yesterday. A presentation to the bondholders in New York yesterday highlighted the extent of the problems facing PREPA and fell short of an expected business plan.
Puerto Rico in Distress
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The Securities and Exchange Commission said that the city of Allen Park, Mich., and two of its former officials settled fraud charges related to the sale of a $31 million municipal bond issue to raise funds for a movie studio project to spur needed economic development, the Wall Street Journal reported today.
Doral Financial Corp., the holding company for Puerto Rico’s second-largest mortgage lender, pressed its demand before a judge for a $229.9 million tax refund, with testimony from the company’s lawyer, Bloomberg News reported yesterday. Doral and Puerto Rico agreed in 2012 that the company was entitled to the refund as a result of a restatement of earnings from 1998 to 2004.
First BanCorp Puerto Rico wants a quick win in a fight with Lehman Brothers Inc., arguing that its $63.5 million claim relating to an old swap agreement should be paid in full as a "customer" claim against the Lehman brokerage, the Wall Street Journal reported today.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.