WASHINGTON/NEW YORK (Reuters) – A bill to give Puerto Rico’s ailing public utilities a way to restructure debt under the U.S. bankruptcy code drew skepticism from congressional Republicans but support from Democrats, who said it would relieve the island’s problems.
The Republican-controlled Judiciary subcommittee on regulatory reform of the House of Representatives on Thursday held a hearing on the bill, proposed by Puerto Rico’s non-voting congressional delegate, Democrat Pedro Pierluisi. The legislation would allow the territory’s government-owned corporations to file under Chapter 9 of the bankruptcy code.
NEW YORK (Reuters) – Bondholders are split on a proposed
bill to give Puerto Rico’s ailing public agencies a way to
restructure debt under U.S. bankruptcy law, with some saying it
would give confidence to the market and others arguing it is a
“Wild West” solution.
The bill to give Puerto Rico’s agencies the ability to file
under Chapter 9 of the U.S. bankruptcy code – used by Detroit,
Michigan, and Stockton, California – was proposed by the U.S.
territory’s representative to Congress, Democrat Pedro
Pierluisi. It will be heard on Thursday.
NEW YORK (Reuters) – The shuttered Revel Casino Hotel in
Atlantic City, New Jersey, again has a buyer – and again it’s
Florida developer Glenn Straub, who was lured back by a
discounted price of $82 million.
The deal follows two failed sale agreements for the casino
hotel, which cost $2.4 billion to build and is struggling to
emerge from the second bankruptcy since it opened in 2012.
NEW YORK (Reuters) – Hopes of an orderly resolution to Puerto Rico’s debt crisis suffered a heavy blow after a court voided the island’s restructuring law, raising fears it may be heading for a longer, messier debt overhaul.
Late on Friday a U.S. federal judge ruled that the U.S. commonwealth’s so-called Recovery Act, which made some of Puerto Rico’s agencies eligible for court-supervised debt restructuring, violated the U.S. constitution by allowing a state government to modify municipal debt.
NEW YORK, Feb 1 (Reuters) – New Jersey Governor Chris
Christie, a likely 2016 Republican presidential contender, will
be promoting his state’s life sciences industry in a trip to the
United Kingdom starting Sunday, where he is also scheduled to
meet the Prime Minister and catch an Arsenal match.
The brash, charismatic second-term governor is expected to
soon announce whether he intents to run for president. On Jan.
23, Christie supporters formed a political action committee, the
biggest indication yet that he will make a bid for the White
By Hilary Russ and Megan Davies
(Reuters) – “At least we’re not Detroit,” Atlantic City’s Mayor joked just last week during his state of the city address.
Don Guardian, who took the helm a year ago after two decades of promoting the city’s tourism and businesses, may want to start eating those words.
NEW YORK (Reuters) – Tumbling oil prices may offer short-term relief to Puerto Rico’s struggling electric power authority PREPA, but could embolden bondholders and muddy the utility’s path to a long-term fix.
Crude’s slide may give bondholders more sway in negotiating a restructuring of the utility because a sharp drop in its fuel costs gives them less reason to accept reduced debt repayments.
NEW YORK (Reuters) – New York’s police parking ticket slowdown has not cost the city nearly as much as some estimated, perhaps as much as 90 percent less, according to new calculations by the office of New York City Comptroller Scott Stringer.
The city realizes an average of $69.13 per parking violation written by police, Stringer’s staff estimated in response to a request from Reuters. With 43,883 fewer tickets written in the three weeks ended Jan. 11 than a year earlier, that amounts to lost revenue of about $3 million, according to Reuters calculations based on the comptroller’s methodology.
NEW YORK (Reuters) – A sharp drop in arrests and fines in New York may prove costly for the city but it could already be hurting some traffic lawyers and bail bonds firms, which are seeing their phones ring less often as fewer people are in trouble and need help.
The slump in arrest volume – last week’s total was around half that recorded a year ago – is seen by supporters of new York City Mayor Bill de Blasio as evidence of a work slowdown by police officers angered by recent comments he made that they viewed as anti-police. Police unions deny there is a slowdown.
NEW YORK (Reuters) – The plunge in oil prices is starting to hurt Oklahoma’s energy-related revenues and if the price remains low, could hit income and sales tax revenues if energy workers have less money to spend, the state’s treasurer said on Friday.
The monthly numbers for November show the first year-on-year decline in energy tax revenues for the state in 19 months. Overall state revenues remained healthy, but the state treasurer expressed caution.