Puerto Rico’s financial oversight board yesterday unexpectedly added the island’s towns and cities to its mandate, a move that it said was aimed at trying to help them avoid insolvency, Reuters reported. To date, the federally created board has only focused on the central government of the U.S.
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A U.S. Appeals Court yesterday gave Puerto Rico’s federally created financial oversight board another 60 days to allow for the constitutional reappointment of its members by President Donald Trump and the Senate, Reuters reported. The board had faced a May 16 deadline set by the Boston-based First Circuit court on Feb.
Puerto Rico’s longstanding pledge to pay off about $13 billion of outstanding general obligation (GO) bonds is just an unsecured promise, according to the latest lawsuits brought by the bankrupt U.S. commonwealth’s federally created financial oversight board, Reuters reported. Its action capped off a barrage of litigation this week that unsettled the $3.8 trillion U.S.
Puerto Rico’s power utility struck a deal with a group of creditors that seeks to allow the bankrupt U.S. commonwealth to restructure more than $8 billion of bonds, according to an announcement by government authorities on Friday, Reuters reported.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.