Correspondent, New York
Megan's Feed
Oct 16, 2015

Former TPG whistleblower exec joins public affairs firm

Oct 16 (Reuters) – TPG Capital’s former head of
public affairs Adam Levine, who earlier in the year sued the
buyout firm in a whistleblower lawsuit, has joined public
affairs group Mercury where he will establish the firm’s San
Francisco office, Mercury said in a statement on Friday.

Levine had been an assistant White House press secretary
under President George Bush in 2002-2003 and later worked at TPG
from 2008 until the end of 2014.

Oct 15, 2015

Puerto Rico utility PREPA extends creditor agreement by one week

NEW YORK (Reuters) – Puerto Rico’s electric power authority,
PREPA, has extended by one week a creditor agreement with its
bondholders and lenders that was to expire at the close of
Thursday, while it is continuing to try to negotiate with bond
insurers who are holding out on a deal.

Reducing PREPA’s $9 billion in debt has been seen as a
critical test for the U.S. territory as it tries to forge a
broader restructuring of $72 billion in total debt.

Oct 14, 2015

Treasury says not in talks to undertake Puerto Rico obligations

By Rosmi Shaji and Megan Davies

(Reuters) – The U.S. Treasury on Wednesday said it was not
in talks to undertake any of Puerto Rico’s obligations, after
The Wall Street Journal reported that U.S. officials were
discussing the issue of a “superbond” to help restructure the
commonwealth’s $72 billion debt.

“The Administration has said repeatedly that it has no plans
to provide a bailout to Puerto Rico, and it is inaccurate to
suggest that Treasury is in talks to undertake any of Puerto
Rico’s financial obligations,” a Treasury spokesperson said in
an emailed statement.

Oct 8, 2015

Bill to call for U.S. Treasury to guarantee Puerto Rico loans

By Megan Davies

(Reuters) – Puerto Rico’s representative in Congress on
Thursday said he is introducing a bill that would authorize the
U.S. Treasury Department to guarantee repayment of the U.S.
territory’s bonds.

Puerto Rico, with $72 billion debt and in recession for
nearly a decade, is trying to renegotiate its debt. It defaulted
in August by paying only a fraction of what was due on some
bonds.

Oct 6, 2015

Puerto Rico House bankruptcy bill adds co-sponsors

NEW YORK (Reuters) – A bill to allow Puerto Rico’s
distressed public agencies to access Chapter 9 bankruptcy laws
has drawn several Democratic co-sponsors but is not a partisan
move, the U.S. commonwealth’s representative in Congress said on
Tuesday.

Puerto Rico, with $72 billion debt and in recession for
nearly a decade, is trying to renegotiate its debt. The U.S.
territory defaulted in August by paying only a fraction of what
was due on some bonds.

Oct 1, 2015

Puerto Rico’s PREPA extends creditor agreement, negotiates with insurers

NEW YORK (Reuters) – Puerto Rico’s electric power authority, PREPA, has extended by two weeks an agreement with its bondholders and lenders that was to expire at the close of Thursday, while it is continuing to try to negotiate a deal with its bond insurers, the utility said on Thursday.

Reducing PREPA’s $9 billion in debt has been seen as a critical test for the U.S. territory as it tries to forge a broader restructuring of $72 billion in total debt.

Oct 1, 2015

Puerto Rico, bondholders start restructuring talks over financing arm -source

NEW YORK (Reuters) – Debt restructuring talks over Puerto
Rico’s financing arm, the Government Development Bank, have
begun between a group of bondholders and the bank, a source
familiar with the situation said, after the creditors signed
non-disclosure agreements earlier on Wednesday.

GDB chief Melba Acosta said last week the bank would be the
next entity from the commonwealth to engage in restructuring
negotiations, following utility PREPA, which came to a deal with
bondholders in September after about a year of talks.

Sep 29, 2015

U.S. Sen. Hatch says no help for Puerto Rico unless better disclosure

NEW YORK, Sept 29 (Reuters) – Powerful Senate Finance
Committee Chairman Orrin Hatch on Tuesday warned there could be
no help for Puerto Rico without better financial disclosure,
while expressing doubts about extending bankruptcy protection
for the indebted island and questioning the idea of imposing a
financial control board.

Puerto Rico, in recession for nearly a decade, has grown its
debt to $72 billion, while the number of taxpayers shouldering
the burden has dwindled, with thousands moving to the U.S.
mainland each year.

Sep 29, 2015

Senator Hatch says Puerto Rico faces “enormous fiscal challenges”

NEW YORK (Reuters) – Senate Finance Committee Chairman Orrin
Hatch on Tuesday said Puerto Rico faces “enormous fiscal and
economic challenges” as he opened a committee hearing about the
island’s problems.

Puerto Rico has suffered nearly a decade of recession. Its
debt load has grown to $72 billion, while the number of
taxpayers shouldering the burden has dwindled, with thousands
moving to the U.S. mainland each year.

Sep 25, 2015

Puerto Rico financing arm debt restructuring approaches

NEW YORK, Sept 25 (Reuters) – A restructuring of Puerto
Rico’s Government Development Bank (GDB) is expected to be
speedily negotiated as key deadlines loom, and could include a
debt exchange structure involving the island’s infrastructure
financing arm, sources familiar with the situation said.

Melba Acosta, head of the GDB, said on Thursday that the
bank would be the next entity from the commonwealth to engage in
restructuring negotiations, following utility PREPA, which came
to a deal with bondholders in September after about a year of
talks.