ATLANTA, Oct. 25, 2015 /PRNewswire-HISPANIC PR WIRE/ — At Cricket Wireless, our thoughts are with those affected by Hurricane Patricia. To support all of our customers who are trying to stay connected with their loved ones, we are offering unlimited talk and text (SMS) over the Cricket network, from the U.S. to Mexico, for all Cricket customers through November 8, 2015 – – across all rate plans.”
MoneyGram Waives Transaction Fees and Donates $25,000 to Support Victims of Hurricane Patricia
Customers can use MoneyGram.com to send money to bank accounts in Mexico
DALLAS, Oct. 24, 2015 /PRNewswire-HISPANIC PR WIRE/ — MoneyGram (NASDAQ:MGI) announced today a series of support initiatives to help those impacted by Hurricane Patricia, the strongest hurricane ever recorded, which made landfall on Mexico’s Pacific Coast on Oct. 23, 2015.
Logo – http://photos.prnewswire.com/prnh/20150730/251082LOGO
From now until Nov. 23, 2015, MoneyGram will waive all transaction fees for U.S. customers who send money to any bank account in Mexico through MoneyGram.com. By sending money directly to a bank account, families can ensure loved ones affected by the storm still have access to their funds even if stores and agents are closed due to damage.
“Right now, our top priority is enabling family and friends the opportunity to provide monetary assistance to those who have been affected,” said Pete Ohser, MoneyGram’s executive vice president, U.S. and Mexico. “We hope these efforts will make it a little easier for family members living in the U.S. to quickly provide their loved ones in Mexico with the funds they may need immediately, as well as aid in recovery efforts.”
MoneyGram is also making a $25,000 donation to AmeriCares to support immediate relief efforts. AmeriCares is providing supplies in affected areas to curb the spread of infectious disease due to poor sanitary conditions and unsafe water, and offering aid to families displaced by the storm.
In addition to the donation, MoneyGram is also offering zero-fee transactions for customers in the U.S. who want to make a financial gift to American Red Cross Disaster Relief through Nov. 30, 2015. The American Red Cross provides immediate relief and long-term support through supplies, technical assistance and other support to those affected by disasters, including flooding caused by the remnants of Hurricane Patricia.
Donations to the Red Cross can be made at www.MoneyGram.com or any of the MoneyGram agent locations in the U.S. All donations should be submitted to “American Red Cross Disaster Relief “under receive code 2540 to waive the transaction fee. Any dollar amount will be accepted up to a maximum of $249.99 per transaction.
#moneygramnews
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
About AmeriCares
AmeriCares is an emergency response and global health organization committed to saving lives and building healthier futures for people in crisis in the United States and around the world. Every day, AmeriCares puts critically needed medicines and supplies in the hands of frontline health workers and develops innovative, sustainable health improvements in their communities. For more information, visit americares.org
Hurricane Patricia Still a Threat to Hard-to-Reach Communities in Mexico
Save the Children Watching Texas as Storm Moves Toward Border
FAIRFIELD, Connecticut, Oct. 24, 2015 /PRNewswire-HISPANIC PR WIRE/ — Hurricane Patricia made landfall on the western coast of Mexico last night, bringing heavy downpours, surging seas and cyclonic winds. The full extent of the damage is yet to be fully understood, but reports suggest that heavy damage appears to have been avoided.
However, heavy rains continue and there are reports of flash flooding. There is also a high threat of subsequent landslides across the mountainous region. Roads and infrastructure have been damaged and the impact on rural communities in the hard to reach areas of the regions, particular the mountains, is not yet known.
Save the Children is also monitoring the situation in already flooded Texas as the storm moves toward the border.
Anthony Caswell, Director of International Affairs at Save the Children Mexico, and Jorge Vidal, Director of Programmes at Save the Children Mexico, are now travelling to Puerto Vallarta on the west Mexican coast, one of the worst affected areas hit by Hurricane Patricia.
Anthony is available for English language interviews, and Jorge is available for Spanish language interviews.
***Please note that Anthony and Jorge will be available for interview from Saturday at 9am (CDT) ***
To arrange media interviews please contact Francine Uenuma, who will be with Anthony and Jorge on the coast, at the number below:
Francine Uenuma
+120 2450 9153
Skype: francineuenuma
NBC UNIVERSO Set To Reach A New Hispanic Audience with The Irreverent Animated Series, South Park
Series Created by Trey Parker and Matt Stone Premieres in Spanish on Monday, Oct. 26 at 10 p.m.
MIAMI, Oct. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — NBC UNIVERSO, the modern entertainment and sports cable channel for Latinos, today announced the premiere of South Park, the irreverent and unapologetic adult animated series created by Trey Parker and Matt Stone. South Park is the longest-running primetime scripted series in cable and is the first animated series to air on NBC UNIVERSO beginning Monday, October 26th at 10 p.m. ET/PT.
The show revolves around four boys and their adventures in South Park, Colorado. The bold and controversial series parodies celebrities, news events and trending topics without remorse. Viewers have been tuning in for 19 successful seasons to see the crude humor and social satire that has made South Park a staple on Comedy Central. Now, as it debuts in Spanish for the first time in US television on NBC UNIVERSO, Latino audiences will be able to experience the comedy and satire that has made the series a success.
“By adding South Park to our already bold programming lineup, NBC UNIVERSO is going where no other Spanish cable network has gone before,” said Arelys Carballo, Vice President of Programming. “South Park is a daring series that introduces an irreverent brand of comedy to our Hispanic viewers and adds an exciting twist to our lineup.”
Trey Parker and Matt Stone are the co-creators of South Park. Parker, Stone, Anne Garefino and Frank C. Agnone II are the Executive Producers of the Emmy® and Peabody® Award-winning South Park. Eric Stough, Adrien Beard, Bruce Howell and Vernon Chatman are Producers. Chris Brion is the Creative Director of South Park Digital Studios. South Park’s Web site is SouthPark.cc.com. http://southpark.cc.com/
For more information on NBC UNIVERSO and to find the NBC UNIVERSO channel number in your area, please visit www.nbcuniverso.com/encuentra.
About NBC UNIVERSO:
NBC UNIVERSO (www.nbcuniverso.com) is a modern entertainment and sports cable channel for Latinos, bringing the world’s top sports franchises and edgy programming to more than 40 million households in the U.S. As one of the most widely available modern cable channels for U.S. Latinos, NBC UNIVERSO delivers a thrilling mix of exclusive sports action – including FIFA World Cup™, Liga MX, Premier League, NASCAR Mexico Series, NFL and The 2016 Rio Olympics – along with signature series, blockbuster movies, music, must-see live events and strategic acquisitions, on TV, online and mobile devices. NBC UNIVERSO is part of NBCUniversal Telemundo Enterprises, a division of NBCUniversal (www.nbcuniversal.com), one of the world’s leading media and entertainment companies. NBCUniversal is a subsidiary of Comcast Corporation (www.comcastcorporation.com). To find the NBC UNIVERSO channel number in your area, please visit www.nbcuniverso.com/encuentra.
FOLLOW UN ON TWITTER:
@NBCUNIVERSO @NBCUNIVERSOPR
MEDIA CONTACTS:
Dawn Page
786.337.6032
[email protected]
Astrid Rivera
786.337.6031
[email protected]
Video – https://www.youtube.com/watch?v=e48GT6wWCJM
Photo – http://photos.prnewswire.com/prnh/20151023/280147
Photo – http://photos.prnewswire.com/prnh/20151023/280148
Investigation Uncovers $60,000 in Unpaid Wages, Lack of Workers’ Compensation Insurance at Berkeley Housing Development
OAKLAND, Calif., Oct. 9, 2015 /PRNewswire-HISPANIC PR WIRE/ — California Labor Commissioner Julie A. Su has filed a mechanic’s lien against Varsity Berkeley, a new 79-unit housing development, to recover nearly $60,000 in unpaid wages for 21 construction workers. In addition, the Labor Commissioner’s Office has cited Donohue Construction of Citrus Heights $25,500 for failing to carry workers’ compensation insurance for the employees.
A collaborative inspection by the Labor Enforcement Task Force (LETF) and Joint Enforcement Strike Force (JESF) in July revealed that Donohue Construction, a drywall subcontractor, failed to pay the 21 employees who worked on the apartment building at 2024 Durant Ave. in Berkeley between March and July of this year. LETF and JESF are coalitions of California State and local enforcement agencies that work to combat the underground economy.
“New development can boost California’s economy, but we need to ensure workers’ rights aren’t torn down as new structures go up,” said Christine Baker, Director of the Department of Industrial Relations (DIR). “DIR remains committed to ensuring that all workers in California are protected, both financially and physically.” LETF operates under the direction of DIR.
A mechanic’s lien is placed on a property to secure wages owed for work performed there.
“The mechanic’s lien is a significant tool that we can use to recover workers’ rightful pay because it puts a hold on the property in the amount owed to the workers,” said Labor Commissioner Su.
The wage theft investigation further revealed that some employees were paid with checks that were returned for insufficient funds.
Drywall-Lathers Local 9068 of the United Brotherhood of Carpenters filed a report with LETF after several of the Varsity Berkeley workers came forward with complaints about not being paid. When LETF’s investigation discovered that Donohue Construction did not carry a valid workers’ compensation insurance policy, the Labor Commissioner’s Office placed a stop order on the company’s work and issued a $25,500 penalty assessment for employing workers on the site without coverage.
“LETF is grateful that its community partners – including Drywall-Lathers Local 9068 – report workplace labor violations and help level the playing field for honest businesses,” said Dominic Forrest, Chief of the Labor Enforcement Task Force.
Multi-agency joint enforcement produces significant results, as detailed in a 2015 report to the legislature. With a commitment to ensuring California’s workers receive their fair wages, LETF has assessed $4.2 million in wages due to workers since its inception in 2012.
LETF focuses on high-risk industries known to frequently abuse the rights of low wage workers such as car wash, restaurant, manufacturing, roofing, construction, agricultural and auto repair businesses. For a complete list of LETF partner agencies, and to learn more about the underground economy please visit the LETF home page.
Leads on underground employers and reports of labor law violations can be submitted online through LETF’s Online Referral Form, by emailing the information to [email protected], or by calling LETF toll-free at 1-855-297-5322. LETF labor law publications for both workers and employers are also available for free, online.
Employees with work-related questions or complaints may contact DIR’s Call Center in English or Spanish at 844-LABOR-DIR (844-522-6734). The California Workers’ Information line at 866-924-9757 also offers recorded information in English and Spanish on a variety of work-related topics.
The California Department of Industrial Relations, established in 1927, protects and improves the health, safety, and economic well-being of over 18 million wage earners, and helps their employers comply with state labor laws. DIR is housed within the Labor & Workforce Development Agency. For general inquiries, contact DIR’s Communications Call Center at 844-LABOR-DIR (844-522-6734) for help in locating the appropriate division or program in our department
https://www.facebook.com/CaliforniaDIR
https://twitter.com/CA_DIR
http://www.youtube.com/CaliforniaDIR
http://www.dir.ca.gov/email/listsub.asp?choice=1
el Jimador Tequila Brings Day Of The Dead To Life With National Contest
LOUISVILLE, Kentucky, Oct. 21, 2015 /PRNewswire-HISPANIC PR WIRE/ — el Jimador, the #1 selling 100% agave tequila in Mexico, kicks off one of the biggest celebrations among bicultural consumers in the United States, Day of the Dead or “Día de los Muertos.” This holiday, commemorated on Nov. 2, honors those who have passed away and celebrates them through altars, music, food and art. To make this year memorable, el Jimador is launching a national contest giving adults 21 and older a unique opportunity to win a Day of the Dead painted coa (tool used for harvesting agave plants) created by American artist, David Lozeau. Furthermore, el Jimador is launching a microsite that will serve as a one-stop-shop for consumers 21+ who want to enhance their celebrations with thematic cocktails, authentic food recipes, and party tips.
Now through Nov. 3, consumers can enter the contest by visiting the microsite and uploading an original photo that celebrates Day of the Dead. Entries will also be accepted on Instagram by clicking the link in our bio and connecting with us; then tag el Jimador Tequila @eljimadortequila and use the hashtag #DOTDcontest. Eight winners will be selected based on pre-determined criteria, which includes relevance to holiday and theme, creativity and responsibility. Winners will be notified on Nov. 16.
“Bicultural consumers have the ability to pull cues from their American lifestyle and Hispanic heritage to create their own traditions or celebrate holidays in a unique way,” said Ed Carias, senior brand manager. “Day of the Dead is the perfect opportunity for them to honor their loved ones by expressing their individuality and diversity through altars, catrina (skeleton) make up, music and food to name a few. We hope el Jimador will serve as a resource and inspiration for a responsible celebration that is enjoyed to the fullest.”
For more information on el Jimador’s Day of the Dead platform or to speak with a brand representative, please contact Havas FORMULATIN at [email protected]
El Jimador Tequila encourages you to drink responsibly.
About el Jimador Tequila
From Casa Herradura, established in 1870, el Jimador is a premium, authentic 100 percent agave tequila that captures the spirit of real tequila. The name el Jimador honors the men who harvest the locally grown agave with great pride and care. Since its introduction in 1994, el Jimador has become the No. 1 selling 100% agave tequila in Mexico*. To learn more about el Jimador, visit www.eljimador.com.
Alc. 40% by Vol. (80 proof) Tequila, Imported by Brown-Forman, Louisville, KY
* Nielsen/ISCAM January 2015
Logo – http://photos.prnewswire.com/prnh/20151021/279183LOGO
Shutterfly Puts The Accent On Your “Celebracion” This Holiday Season With Its New Spanish-Language Customization Features
REDWOOD CITY, California, Oct. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — Shutterfly, the market leader in digital personalized photo products and services, announced today that it is partnering with actress Maria Canals-Barrera to introduce new Spanish-language features including customization options, Spanish characters, and in-language customer service, all available on Shutterfly.com/mivida. Shutterfly believes that every moment spent with family and friends is a moment worth capturing – from baptisms and quinceaneras, to Sunday gatherings and holiday traditions. New customized designs include “Reyes Magos” (Three Kings), “Estrella Brillante” (Shining Star), “Feliz Navidad” (Merry Christmas), and others.
Experience the interactive Multimedia News Release here:
http://www.multivu.com/players/English/7660652-shutterfly-new-spanish-customization-features/
“Our new product offerings provide a better assortment of occasions, Spanish-language features and customization options,” said John Boris, senior vice president and chief marketing officer, Shutterfly. “Maria Canals-Barrera offers additional inspiration for our new features and gives customers tips on how to bring their traditions to life through our cards, gifts and home decor.”
Maria Canals-Barrera, best known for her role as Theresa Russo in Disney Channel’s Wizard of Waverly Place, will appear in a series of “Mi Vida” (My Life) themed online videos where she will showcase how she uses Shutterfly’s new Spanish-language offerings to turn the special moments in her own life into treasured keepsakes.
“We Hispanics like to think of life as a “celebracion.” However, it’s just not the same if we can’t put our own accent on it, but now with Shutterfly, we can. This is why I’m so excited to partner with Shutterfly in their efforts to infuse Hispanic culture into the products and services that I love and have used for years.” said Maria Canals-Barrera.
Some of Maria’s favorite Shutterfly projects include:
- Personalize your Halloween – Picking the perfect Halloween costume is just half the fun, accessorizing with unique touches will bring the experience to a new level. With Shutterfly you can personalize your children’s candy bag by adding a photo of them striking their scariest pose using Shutterfly’s Reusable Shopping Bag.
- Create priceless keepsakes – Turn your photos into memorable Holiday Cards or Personalized Ornaments that make for festive and unique gifts for the Holidays.
Starting late October, Maria will appear in four videos showcasing her favorite products, focusing on special occasions and ways to personalize everything from fall season home decor and Halloween trinkets, to Christmas cards and calendars for the new year. The videos will live on Shutterfly.com/mivida.
For more information, and to take advantage of exclusive offers and promotions, visit Shutterfly.com/mivida.
About Shutterfly
Shutterfly is the market leader in digital personalized photo products and services. Shutterfly helps customers turn their precious memories into lasting keepsakes with its award-winning photo books, personalized holiday cards, announcements, invitations, and stationery, as well as custom home decor products and unique photo gifts. The company currently serves millions of customers who benefit from free, unlimited secure storage and a 100 percent happiness guarantee. For more information about Shutterfly visit www.shutterfly.com.
Shutterfly is part of the Shutterfly, Inc. family of premium lifestyle brands which includes: Shutterfly, Tiny Prints, Wedding Paper Divas, MyPublisher, ThisLife, GrooveBook and BorrowLenses. For more information on Shutterfly, Inc. (NASDAQ:SFLY), visit www.shutterflyinc.com.
MEDIA CONTACT
Nicole Stier
Shutterfly
650-610-6013
[email protected]
FPL Wins National Award for Best Electric Reliability in the U.S.
MIAMI, Oct. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — Florida Power & Light Company (FPL) was named the winner of the 2015 ReliabilityOne™ National Reliability Excellence Award by PA Consulting Group, an international firm that analyzes electric utility performance across the United States.
Logo – http://photos.prnewswire.com/prnh/20120301/FL62738LOGO
“We appreciate this honor, which recognizes FPL as the most reliable electric utility in the nation,” said Eric Silagy, president and chief executive officer of FPL. “This award is a direct reflection of the commitment of our employees, who each and every day deliver outstanding value for our customers. We are constantly working to improve our service by investing in innovative technology that makes our grid stronger, smarter and more resilient, particularly where it concerns Florida’s severe weather. These investments, which we began following Hurricane Wilma a decade ago, total more than $2 billion, and have positioned FPL to deliver electric service that today is more than 99.98 percent reliable. And we are not stopping there. Our investments to modernize Florida’s electric grid will help us meet the needs of our customers, both residential and business, now and in the future.”
Since 2006, FPL has invested more than $2 billion to strengthen their system and their customers are seeing the benefits. FPL has improved service reliability by approximately 20 percent in the last five years and is on track to achieve its best ever performance record in 2015. The company attributes these accomplishments and this prestigious national award to its nearly 9,000 employees who are committed to delivering value to customers by continuously improving one of the most advanced electric grids in the nation, including:
- Strengthening nearly 600 main power lines (feeders) serving key community facilities, including hospitals, police and fire stations, 911 communication centers
- Clearing vegetation from 120,000 miles of power lines
- Inspecting 1.2 million utility poles, restoring or replacing those that no longer met FPL’s standards for strength
- Installing advanced smart grid and cutting-edge technologies – including 4.8 million smart meters and more than 12,000 other intelligent devices – to reduce power outages and provide customers with unprecedented information to manage their energy use
The ReliabilityOne™ National Reliability Excellence Award is given to the regional award recipient that has demonstrated sustained leadership, innovation and achievement in the area of electric reliability. FPL received the ReliabilityOne™ Award for Outstanding Reliability Performance in the Southeast region of the U.S., making the company eligible for the national award. FPL was also awarded Outstanding Technology and Innovation in the U.S. and Outstanding Personal Achievement, for FPL engineer Jorge Valdes, an expert in underground cable design and operations. The selection criteria for the ReliabilityOne™ National Reliability Excellence Award are both quantitative and qualitative including:
- superior regional performance
- sustained performance over time
- improved performance over time
- leadership in outage data collection and reporting systems, processes, procedures and controls
- organizational and cultural focus on reliability
- communication, planning, preparation, and response to major outage events
- contributions to regional system security and reliability
The ReliabilityOne™ award is given annually to utilities that have excelled in delivering reliable electric service to their customers. All utilities operating electric delivery networks in North America are eligible for consideration for the ReliabilityOne™ award. Selection of provisional recipients is based primarily on system reliability statistics that measure the frequency and duration of customer outages. After provisional recipients are selected, each company undergoes an on-site certification process, which provides an independent review and confirmation of the policies, processes and systems used to collect, analyze and report a company’s reliability results.
“Now in its 15th year, the ReliabilityOne™ Awards have helped bring recognition to those utilities that have maintained the highest level of reliability, brought outstanding innovation to their operations and placed the highest value on their customers,” said Jeff Lewis, PA Consulting Group’s ReliabilityOne™ Program Director. “This year Florida Power & Light Company truly embodies the best of this tradition by demonstrating exceptional leadership in customer engagement, reliability and innovation.”
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.8 million customer accounts across nearly half of the state of Florida. FPL’s typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2014, was the lowest in Florida among reporting utilities for the fifth year in a row. FPL’s service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune’s 2015 list of “World’s Most Admired Companies.” NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
About PA Consulting Group
PA is an employee-owned firm of over 2,500 people, operating globally from offices across North America, Europe, the Nordics, the Gulf and Asia Pacific. Our specific expertise is in energy and utilities, financial services, health, life sciences, consumer and manufacturing, government, defense and security, transport and logistics. Our deep industry knowledge together with skills in management consulting, technology and innovation allows us to challenge conventional thinking and deliver exceptional results with lasting impact. PA’s ReliabilityOne™ awards are presented to electric utilities providing their customers with the highest levels of reliability in the industry. PA’s ReliabilityOne™ study is based on standard industry reliability statistics that measure the frequency and duration of electric power outages and has been analyzing electric utility performance since 1987. For more information about PA Consulting Group, visit www.paconsulting.com/energy.
Honda to Showcase Ridgeline Desert Race Truck Concept, HR-V Tuner Project Program, Refreshed 2016 CR-Z and more at 2015 SEMA Show
TORRANCE, California, Oct. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — Honda will ignite the floor at the 2015 SEMA Show with a full portfolio of performance products, including race bikes, HR-V project vehicles, and the debut of the Ridgeline Desert Race Truck. The Ridgeline Desert Race Truck will offer a first look at the styling direction of the highly anticipated 2017 Honda Ridgeline pickup. The “racing Ridgeline” also marks Honda’s re-entry into Honda Performance Development (HPD)-powered factory off-road racing.
Also within the Honda display will be four Honda HR-V project vehicles, built in partnership with several highly creative U.S.-based automotive tuning houses. The refreshed 2016 Honda CR-Z sport hybrid coupe, complete with aggressive new exterior styling details and significantly improved interior, will also be highlighted in Honda’s 2015 SEMA showcase, along with an accessorized version of the all-new 2016 Honda Civic Sedan and 2016 Honda Pilot. Further demonstrating the broad range of performance products and racing activities that only Honda can boast, Honda Powersports and HPD will also showcase many of their wares, including the Pioneer 1000 Side-by-Side in matching desert race livery, the Moto GP Race Replica RC213V-S, the Rahal Letterman Lanigan Racing IndyCar display, and much more.
The Honda press conference will begin at 9:35 a.m. PST on Nov. 3rd at Booth #24887 in the southeast corner of the Central Hall.
Honda will again host the Honda Soiree, this year taking place at Hakkasan Nightclub at the MGM Grand. Credentialed journalists can obtain a wristband to garner attendance at the Honda booth following the press conference.
U.S. Treasury Pushes Unprecedented Bankruptcy Plan for Puerto Rico
Puerto Rico Governor Garcia Padilla Admits that Some Debt May Violate Puerto Rican Constitution
WASHINGTON, Oct. 22, 2015 /PRNewswire-HISPANIC PR WIRE/ — At today’s Senate Energy and Natural Resources Committee hearing, Puerto Rican Governor Alejandro Garcia Padilla and Antonio Weiss of the U.S. Treasury Department asked Congress for unprecedented bankruptcy measures for Puerto Rico, including allowing Puerto Rico to walk away from its Constitutional debt.
As the New York Times reported yesterday, no state has the ability to restructure Constitutional, or full faith and credit debt, and that if Puerto Rico were granted this, other states like Illinois might soon follow.
“Super Chapter 9”, if enacted, is expected to roil municipal debt markets and raise the costs of borrowing for states and municipalities across the country.
Henry Chanin, a Puerto Rican bondholder, retired educator, and member of the Main Street Bondholder coalition said,
“By giving Puerto Rico the authority to completely disregard the rule of law and void Constitutional guarantees to bondholders, Congress would be establishing a precedent that would destroy the municipal market. This would put the retirement savings of millions across the country at risk.”
In a surprise move, Garcia Padilla admitted under pressure from Senators that a portion of the Island’s debt may actually have been issued in violation of the Commonwealth’s Constitution. The admission makes clear the distinct nature of Puerto Rico’s different tranches of debt, some of which is protected by Constitutional guarantee. He also acknowledged the widespread, devastating impact that his debt avoidance measures will have on the Island, conceding that 25-30% of the island’s bondholders are Puerto Rican small investors.
Dr. Elias Gutierrez, a Puerto Rican bondholder, professor of economics, and member of the Main Street Bondholder coalition said,
“Super Chapter 9 would be de facto amendment of the Puerto Rican Constitution by Congressional legislative fiat without the participation of the Puerto Rican people. It is shameful the Obama Administration and Governor Garcia Padilla would endorse the violation of the Puerto Rican Constitution.”
Key Facts:
- The Administration’s unprecedented proposal, so-called “Super Chapter 9”, would restructure all of Puerto Rico’s debt, including its Constitutional debt, and is widely expected to disrupt U.S. municipal debt markets – raising the cost of borrowing for states and municipalities across the country.
- Jim Millstein, Puerto Rico’s chief restructuring advisor, has aggressively pushed for Super Chapter 9, ignoring bi-partisan interest in Congress for a deal that would bring desperately needed fiscal reform combined with an orderly restructuring mechanism for Puerto Rico’s non-Constitutional debt. Millstein has been criticized for profiting from his business dealings around Puerto Rico’s settlement with PREPA’s bondholders, yet continues to advise the Commonwealth.
- “Super Chapter 9” is without precedent, and would create a precedent for other states to discharge their Constitutional or “full faith and credit” debt. This reckless action would put every retirement account in America at risk.
Main Street Bondholders Coalition is a project of the 60 Plus Association, and is comprised of small bondholders from across America who are committed to a policy process that returns Puerto Rico to sound financial management, respect for the rule of law, and the protection of their retirement savings.