BANKRUPTCY!
GOVERNOR SAYS PR TO SEEK TITLE III PROTECTION
Governor Ricardo Rosselló announced at a press conference this morning that he has notified the Fiscal Control Board of the intention of the Puerto Rican government to trigger Title III of the PROMESA federal law, a move similar to bankruptcy, in order to safeguard essential government services and payroll. The announcement comes in the wake of the expiration on May 1 of the island government's immunity to lawsuits related to its staggering debt load. Bondholder groups have already sued the government since the deadline passed. Governor Rosselló expressed his willingness to continue a dialogue with bondholders, and stated that the Title III decision was made because it would be "the way to defend the main interests of the people of Puerto Rico." He also declared that the Board had received the government's petition and would act on it "immediately".
PROTESTER ARRESTED FOR POPULAR CENTER VANDALISM
From US Attorney's Office:
"Today, United States Magistrate Judge Silvia Carreño-Coll authorized a criminal complaint against Nina Droz Franco, charging her for damaging or attempting to damage by means of fire a building engaged in activity affecting interstate commerce[...]During the course of the protest [on Monday] on Ponce de Leon Street, numerous individuals vandalized the Popular Center building...after several individuals broke windows of the building, two individuals approached one of the broken windows and attempted to light a fire. Specifically, a female and a male approached one of the broken windows and lit a flame. All of these events were captured on video[...]Assistant United States Attorney Alexander Alum is in charge of the prosecution of the case. If convicted, the penalties Droz Franco is facing are a minimum term of imprisonment of five years, and a maximum term of 20 years, a supervised release term of not more than 3 years, and a fine not to exceed $250,000..."
GUAYNABO MAYOR CASE TO SPECIAL PROSECUTOR
From The San Juan Daily Star:
"The island Justice Department recommended on Monday the assignment of a special prosecutor to investigate possible corruption related to a sexual harassment complaint involving Guaynabo Mayor Héctor O’Neill. After completing a preliminary investigation, Justice concluded that the longtime mayor could have committed a total of 20 violations of the law..."
GOV'T PUBLISHES NEW OFFER FOR GO CREDITORS
From Caribbean Business:
"The government of Puerto Rico presented Monday a new debt restructuring offer, individually, to general obligations (GOs) creditors. The counteroffer reduces to 30% the suggested cut to principal, known as haircut, to the debt guaranteed by the commonwealth’s constitution. The government offered about 50 cents on the dollar in its first proposal. However, the government has yet to reach an agreement with its creditors..."
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