President Donald Trump suggested that the government debt accumulated by bankrupt Puerto Rico would need to be wiped clean to help the island recover from the devastation caused by Hurricane Maria, Bloomberg News reported today. “We are going to work something out. We have to look at their whole debt structure,” Trump said yesterday in an interview.
Puerto Rico in Distress
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Creditors approached Puerto Rico’s government with offers surrounding the U.S. territory’s bankruptcy after Hurricane Maria tore through the island last month, but federal aid remains the top priority, a Puerto Rico official said yesterday, Reuters reported.
Rep. Rob Bishop (R-Utah), chairman of the House Natural Resources Committee, announced a member forum for Wednesday, Oct. 4, at 3 p.m. to discuss potential legislative actions within the committee’s purview to reinforce ongoing rescue and recovery efforts in Puerto Rico and the U.S. Virgin Islands, Caribbean Business reported on Friday.
The U.S. Trustee Program (USTP) yesterday announced a temporary waiver of the federal statutory requirements for credit counseling and personal financial management education for consumer bankruptcy filers in the District of Puerto Rico and the District of the U.S. Virgin Islands, due to the effects of Hurricanes Irma and Maria, according to a press release. The Bankruptcy Code permits U.S.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.