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.