After wondering for seven sweltering days who would pay to rebuild their ruined electrical grid, Puerto Ricans got a possible answer from an unexpected source yesterday: investors holding the island power company’s defaulted bonds, the New York Times reported.
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Judge Laura Taylor Swain issued an order on yesterday delaying two upcoming hearings that were scheduled for Sept. 27 and Oct. 4, TheStreet.com reported. The first of these was to take place in New York in an adversarial proceeding brought by a bond insurer. The oral arguments that had been scheduled will be moved to Oct. 4 from Sept. 27.
Puerto Rico’s government yesterday asked a judge for up to four extra weeks to meet key deadlines in the U.S. territory’s bankruptcy case, after Hurricane Maria tore through the island, bringing its fragile infrastructure to its knees, Reuters reported today. In court papers filed in U.S.
As residents grapple with power outages across the entire island, the task of turning the lights back on falls to an electrical utility saddled with rickety infrastructure, workforce reductions and financial troubles so deep it declared a form of bankruptcy in July, the Wall Street Journal reported today.