Struggling retailer Toys “R” Us Inc. is seeking bankruptcy court approval to close two stores badly damaged by Hurricane Maria in Puerto Rico, after reaching settlements with landlords of the properties, while repairing three other locations, WSJ Pro Bankruptcy reported.
Puerto Rico in Distress
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A $90 billion disaster aid package agreed on by U.S. lawmakers on Wednesday would include nearly $7 billion in aid to storm-battered Puerto Rico and the U.S. Virgin Islands, according to two Senate Democratic aides and Puerto Rico’s governor, Reuters reported. The deal, likely to be voted on in Congress this week, would send $6.8 billion to the two U.S.
The concentration of illegal housing in Puerto Rico presents a vexing dilemma for local and federal authorities already overwhelmed by the task of rebuilding an economically depressed island after its worst natural disaster in nine decades, according to a Reuters analysis. Puerto Rico Governor Ricardo Rosselló has stressed the need to “build back better,” a sentiment echoed by U.S.
Puerto Rico’s financial oversight board told the bankrupt island’s governor on Monday to revise his proposed fiscal turnaround plan to add more detail on labor and other reforms, and to create room in the budget for a $1.3 billion emergency fund, Reuters reported. In a letter to Governor Ricardo Rosselló, the federally appointed, seven-member panel set a Feb.
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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.