Governor Creates Debt Work Group

From News Is My Business:

Puerto Rico Gov. Alejandro García-Padilla announced Monday a multi-pronged
plan to address the island’s fiscal crisis to work with creditors on restructuring
what he described as the “unpayable” $73 billion debt.

During a televised speech, García-Padilla said a group — comprised of Chief
of  Staff Víctor Suárez, Government Development Bank President Melba A-
costa, Justice Secretary César Miranda, Senate President Eduardo Bhatia and
House Speaker Jaime Perelló — will be tasked with striking up “conversations
to achieve, with transparency and consensus, the restructuring of our public
debt.”

“The ultimate goal is a negotiated agreement with bondholders for a deferrment
of payments on the debt for a number of years so that the money can be invested
here in Puerto Rico,” he said...[CONTINUE READING]

PR McDonald's Restaurants Join Union Petition

News Is My Business

Puerto Rican McDonald’s operators have joined a petition by the Service
Employees International Union submitted to the Federal Trade Commi-
ssion Monday to launch an investigation into the franchise sector and issue
recommendations for curbing ”abusive and predatory” practices by fran-
chisors in the $800 billion industry.

José Quijano, a former vice president at McDonald’s Corp. and current
McDonald’s franchisee from Puerto Rico, spoke on behalf of all Puerto Ri-
can McDonald’s operators about how McDonald’s franchisees on the island
collectively lost control of their businesses overnight in 2007 after the com-
pany unilaterally installed the South American investment firm Arcos Dora-
dos as the region’s new franchisor...[CONTINUE READING]