Puerto Rico Faces Major Debt Default Stirring Congress Action
Puerto Rico misses nearly 370 million on a bond payment as Gov. Garcia Padilla warns of worse outcomes without congressional relief. A 70 billion dollar debt load looms, with July 1 payments totaling about 2 billion. White House and Treasury push for restructuring and oversight to avert a full bailout.
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Puerto Rico Faces Bond Default Amid Debt Crisis
Puerto Rico's decade long recession deepens as debt rises and taxes fund debt service. Bonds shielded from US taxes lure investors, while lack of Chapter 9 access keeps court remedies as only path to resolution. Distressed debt bets by hedge funds loom as officials seek new oversight and relief.
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Puerto Rico
U.S
Project A1 outlines unnamed tenant leasing terms and jobs clause
The plan calls for the tenant to lease from the developer and use best efforts to locate a specified number of jobs at the project site by 2019. The development is slated to be completed and operational by 2017 with city support for fast-track permitting and team efforts. The city would create a 25 year TIF district and issue bonds by 2017 to fund infrastructure.
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Atif District
Regulators eyed revisiting AEP FirstEnergy deals in Ohio
Energy and environmental groups urged the Public Utilities Commission of Ohio to reconsider two power purchase agreements that let FirstEnergy and American Electric Power fund older coal and nuclear plants with short term rate increases. Neither company sought rehearing. federal approval remains needed before they take effect. Prices rise per gallon to 2.29 in Ohio, with national average 2.22.
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