On Wednesday, Shares of MBIA Inc. (NYSE:MBI), lost -2.16% to $5.88.
National Public Finance Guarantee Corporation (National), an indirect partner of MBIA Inc., declared that the Puerto Rico Electric Power Authority (PREPA) and all other Puerto Rico-related obligors with National-insured debt service payments due July 1, 2015, made such payments as planned. As a result, there were no claims on any of National’s insurance policies.
By honoring its legal obligations to bondholders, PREPA can return its full attention to addressing its operational and financial challenges. National looks forward to ongoing what has been an active and constructive dialogue on how to best position PREPA to meet its aims while respecting the interests of all stakeholders. Importantly, in order to strengthen PREPA’s liquidity position while these vital negotiations continue, the forbearing bond insurers, counting National, have agreed to provide $128 million of short-term bridge financing through the execution of a Bond Purchase Agreement and committing to purchase interest-bearing securities planned to mature on January 1, 2016. National’s share of the total $128 million of short-term financing is $45 million. These securities are being issued under PREPA’s existing Power Revenue Bond Trust Agreement as parity indebtedness with the same terms and rights to repayment as PREPA’s existing revenue debt. The forbearing bond insurers have also agreed to extend the forbearance agreement to September 15, 2015 subject to certain milestones that creditors and PREPA have agreed upon.
MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally. The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments.
Shares of MGM Resorts International (NYSE:MGM), inclined 1.64% to $18.55, during its last trading session, as the casino sector continues Tuesday’s rally, despite data from Macau showing the 13th successive month of declining revenue.
On Tuesday, casino stocks were gaining following reports that China is easing its visa restrictions for mainland passport holders visiting Macau.
In other news, The MGM Resorts Foundation is proud to declare Patricia Russell-McCloud as a keynote speaker at the 2015 Women’s Leadership Conference. The non-profit event will be held at MGM Grand Hotel & Casino in Las Vegas, NV July 13 and 14.
Russell-McCloud, named one of the top five business motivators in the country by Black Enterprise Magazine, has more than 20 years on the lecture circuit and is categorized as one of the nation’s best speakers. Each year she speaks to more than 200,000 people in private and public organizations in the U.S. and around the world. Her style is engaging, highly substantive, well-researched, entertaining and unforgettable.
MGM Resorts International, through its auxiliaries, owns and/or operates casino resorts. It operates through two segments, Wholly Owned Domestic Resorts and MGM China. The company’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
Finally, Hilton Worldwide Holdings Inc. (NYSE:HLT), ended its last trade with 0.83% gain, and closed at $27.78.
Hilton Worldwide Holdings, applauds the commitment by U.S. President Barack Obama and Brazilian President Dilma Rousseff to incorporate Brazil into the U.S. Customs and Border Protection’s (CBP) Global Entry program. This declaration came following the meeting between the two presidents in Washington where they discussed bilateral cooperation, counting expansion of trade and investment between the two countries.
In a joint statement, the Heads of State declared the decision by the Brazilian government to take part in the “Global Entry” program. The Presidents committed to work closely together to meet the requirements of both the United States Visa Waiver Program and Brazil’s applicable legislation to enable American and Brazilian citizens visa-free travel.
The Global Entry program makes it easier for Brazilians to travel to the United States by providing expedited clearance for pre-approved travelers, an important step to the eventual entry of Brazil into the U.S. Visa Waiver Program (VWP) as part of a U.S.-Brazil Trusted Traveler Program. The VWP would further facilitate travel between the U.S. and Brazil by eliminating the need to secure travel visas for temporary visits between the two countries.
Hilton Worldwide Holdings Inc., a hospitality company, owns, leases, manages, develops, and franchises hotels, resorts, and timeshare properties worldwide. The company operates hotels under 12 brand names, counting Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio - A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton, and Hilton Grand Vacations.
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