Puerto Rico News Digest For October 28, 2015

GDB WILL NOT RELEASE ANNUAL REPORT OCT. 30

From News Is My Business:

"Puerto Rico Government Development Bank President Melba Acosta
confirmed Tuesday that the agency will not be publishing the Compre-
hensive Annual Financial Report on Oct. 30, as it had announced earlier
this year it would do. Saying that auditing firm KPMG is requiring a
“series of additional tests and revisions” that are delaying the public-
ation, Acosta could not confirm when the document will be ready. The
CAFR comprises government financial statements that representing its
financial condition that complies with the accounting requirements pro-
mulgated by the Governmental Accounting Standards Board. An exter-
nal auditing firm must validate the report prior to its release..."

MIRANDA DEFENDS FISCAL BOARD AS CONSTITUTIONAL

From The San Juan Daily Star:

"Justice Secretary César Miranda on Monday defended the proposed
law that would create the Board for the Supervision of the Fiscal and
Economic Recovery, saying it does not take away powers from the is-
land Legislature and respects the balance of powers among the three
branches of government. “It complies with constitutional provisions
and limits related to the balance between the three branches of govern-
ment,” Miranda said at a hearing of the House Treasury and Govern-
ment committees. Miranda said approval of the legislation is required
to address the crisis facing the island..."

GOV'T HOLDS MEETING WITH CREDITORS' ADVISERS

From Caribbean Business:

"Puerto Rico government officials and its team of external consultants
held Tuesday a “due diligence” meeting with advisers who represent
holders of a majority of the commonwealth’s credits, as the island seeks
to move forward on its plan to strike “a voluntary, consensual” deal to
restructure a large chunk of its $70 billion-plus debt..."

AIR FLAMENCO TO START OPERATING IN ORLANDO

From Ch-Aviation:

"Air Flamenco is planning to open a base in Orlando Kissimee in early
2016 from where it will offer a combination of charter flights to and from
the Caribbean, as well as cargo and commuter services throughout Florida.
According to the GrowthSpotter website, the Puerto Rican carrier's foun-
der Rubén Torres now lives in Kissimmee and has a deal to co-locate to
the airport in partnership with local Fixed Base Operator (FBO), Quantem..."