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Puerto Rico News

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SAN JUAN — Puerto Rico’s financial oversight board voted today to allow the PREPA power utility to restructure its $9 billion debt load through a form of bankruptcy, potentially heralding a messy end to three years of arduous out-of-court talks. The seven-member board unanimously authorized a bankruptcy filing at a

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SAN JUAN — The U.S. Securities and Exchange Commission (SEC) may take action against bankers from Barclays Plc and Morgan Stanley for their roles in Puerto Rico bond sales, according to filings with the Financial Industry Regulatory Authority (FINRA). According to records filed with FINRA, the SEC’s staff has recommended

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ALWAYS PREPARED: A NOAA Hurricane Hunter aircraft prepares to make an early morning takeoff on St. Croix to evaluate storms systems by flying into them and taking meteorological measurements. FREDERIKSTED — The Air Force Reserve’s 53rd Weather Reconnaissance Squadron is tasked to fly into a tropical system in the region today.

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SAN JUAN — Elvis Guzman opened the letter, saw it was in English and took it to his lawyer for translation. The 59-year-old who sells recycled metal for a living figured it was another letter from the bank warning his family that they were behind on their mortgage payments. But the

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RISKY BUSINESS: The Government Employees Retirement System (GERS) building in St. Thomas. The pension system does not have enough money to pay the $4.5 billion due to retirees. The New York Times says GERS made questionable “high risk” investments in things like viaticals. (PHOTO COURTESY: Mireya Acierto for The New York Times)

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HIGH TIME FOR HIGH PRAISE: The youngest member ever of the Barbados Economics Society says that Gov. Kenneth Mapp is pulling all the right strings to get the economy fine tuned in short order. BARBADOS — Respected Caribbean economist Jeremy Stephen praised the U.S. Virgin Islands government’s recent efforts to correct the

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By SORAYA DIASE COFFELT SPECIAL TO THE V.I. FREE PRESS The Virgin Islands public has been informed that there were recent arrests of three individuals on corruption charges involving the alleged misuse of over $2 million in federal funds associated with the REAL ID program. The individuals arrested, of course,

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MIAMI — A tropical storm warning has been issued for a trio of islands in the Caribbean Sea as a “disturbance” continues to develop off the northeast coast of South America, the National Hurricane Center announced Sunday afternoon. The system is expected to intensify into a tropical storm today as it

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CHARLOTTE AMALIE — One electrical supply distribution company is leading all others in the region — Electrical Conductors, LLC. Founded in 2005 and well-established by 2012, Electrical Conductors, LLC is one of the fastest growing electrical distributors serving the U.S. Virgin Islands and the Caribbean. Their team highly-qualified and expert

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SAN JUAN — The chairman of the U.S. congressional committee that oversees Puerto Rico on Thursday said the bankrupt island’s federal oversight board was dragging its feet on approving a $9 billion power utility restructuring. Utah Republican Rob Bishop, who chairs the U.S. House Committee on Natural Resources, said the

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