Neblina
De cara al Plan Fiscal más reciente, Sergio Marxuach presenta dos propuestas de política pública para adelantar el proceso de quiebra actual aún con la gran incertidumbre que existe.
Fiscal Issues
Asuntos pendientes
Además de atender la emergencia de salud pública producto de la pandemia del COVID-19, el gobierno de Puerto Rico tiene una cargada agenda de asuntos pendientes. Entre estos podemos mencionar la reestructuración de la deuda del gobierno central; poner en marcha la reconstrucción de la infraestructura afectada por los huracanes de 2017 y los terremotos de este año; y la modernización de la Autoridad de Energía Eléctrica (“AEE”), entre otros asuntos.
Overview of Some Legal Issues Related to Puerto Rico’s Debt Restructuring
On Feburary 25, 2020, CNE Policy Director Sergio M. Marxuach shared an overview of legal issues related to Puerto Rico’s debt restructuring process at a panel hosted by the University of Puerto Rico.
Written Statement Submitted to the Committee on Natural Resources, US House of Representatives Legislative Hearing — PROMESA: Discussion Draft (Day 2)
Rosanna Torres and Sergio M. Marxuach, CNE’s Washington DC Office Director and Public Policy Director, provided written testimony on October 30 for a hearing of the US House of Representatives Committee on Natural Resources on the issue of possible amendments to the PROMESA legislation.
CNE Analyzes the New PREPA Restructuring Support Agreement: It is Worse Than You Think
On May 3, 2019, the Puerto Rico Electric Power Authority (“PREPA”), the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), and the Financial Oversight and Management Board for Puerto Rico (the “FOMB”), executed a “Definitive Restructuring Support Agreement” (the “RSA”), with the members of the Ad Hoc Group of PREPA Bondholders (the “Ad Hoc Group”), and Assured Guaranty Corp. and Assured Guaranty Municipal Corp. (collectively, “Assured”), for the restructuring of a portion of certain bonds issued by PREPA.
COFINA and the “Good Enough” Restructuring Doctrine
On February 4, Judge Laura Taylor Swain issued (1) A Memorandum Opinion and Order Approving Settlement Between Commonwealth of Puerto Rico and Puerto Rico Sales Tax Financing Corporation (the “Commonwealth – COFINA Settlement”) and (2) A Memorandum of Findings of Fact and Conclusions of Law in Connection with Confirmation of the Third Amended Title III Plan of Adjustment of Puerto Rico Sales Tax Financing Corporation (the “POA Confirmation Order”).
Put Puerto Rico First
During the past few months a narrative has taken hold, on both sides of the political spectrum, that Puerto Rico is “using federal disaster relief funds to pay bondholders”. This narrative is wrong and dangerously simplistic.
El informe del GAO
Recientemente la Government Accountability Office (“GAO”) publicó un informe sobre la deuda de Puerto Rico. Los hallazgos principales del informe no deben sorprender a nadie.
