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Puerto Rico Budgets Certified, PREPA Filing Approved

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The Financial Oversight and Management Board for Puerto Rico (Oversight Board) created by Congress under the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) approved and certified a revised, compliant budget for fiscal year 2018 for the Commonwealth of Puerto Rico and four covered territorial instrumentalities in compliance with PROMESA.

José Carrión, chairman of the Oversight Board, comments, “The course has been set; and although it will be challenging, we cannot afford to veer off. We must work together to stay steadfast in our path towards building a stronger Puerto Rico and providing better opportunities for its people as soon as possible.” The Oversight Board also unanimously adopted resolutions approving the budgets of the Government Development Bank, the Puerto Rico Highways and Transportation Authority, the Puerto Rico Aqueduct and Sewer Authority and the Puerto Rico Electric Power Authority (PREPA). The Oversight Board is yet to consider the fiscal plans and budgets of the Public Corporation for the Supervision and Deposit Insurance of Puerto Rico Cooperatives and of the University of Puerto Rico. During the meeting and upon request from Governor Rosselló, the Oversight Board also determined it necessary and appropriate to approve the possible filing for a voluntary petition under Title III of PROMESA on behalf of PREPA.

Carrión notes, “The RSA created a significant risk it would push electric prices materially higher and endanger the entire PROMESA mission of eliminating the fiscal emergency. By making it more expensive to live and do business in Puerto Rico, the RSA made it even harder to turn around the Commonwealth’s negative economic growth over the last decade. If that cannot be changed to sufficient positive growth, no restructuring can be successful.”

Read more Puerto Rico bankruptcy news.

The post Puerto Rico Budgets Certified, PREPA Filing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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