On June 25, 2014, Governor Alejandro Javier García Padilla proposed legislation that would give the island’s Public Service Corporations an orderly process whereby these companies could restructure their debt if they experience severe financial stress. The official legislation is called “The Puerto Rico Public Corporations Debt Enforcement and Recovery Act”. The bill specifically excludes debt issued by the Commonwealth of Puerto Rico, the Government Development Bank, Sales Tax Financing Corporation and several other government agencies.. . . . Click for more.
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