Fee examiner Brady Williamson has submitted for U.S. District Court approval in Puerto Rico’s bankruptcy-like process up to $52.3 million in legal and service fees for 13 entities from October to January, along with a warning about increasing litigation costs, Caribbean Business reported.
Puerto Rico in Distress
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An electric utility contractor that turned Puerto Rico’s lights back on after Hurricane Maria now is ensnared in contract-steering probes as federal authorities scrutinize billions of dollars in public reconstruction spending across the U.S. territory, WSJ Pro Bankruptcy reported.
The House yesterday passed a $19.1 billion disaster relief package, finally sending legislation to the White House that had been repeatedly blocked by conservatives over the Memorial Day recess, The Hill reported. The legislation was approved in a 354-58 vote.
Puerto Rico’s financial supervisors plan to refer several municipalities and public corporations to federal law enforcement, accusing them of diverting money earmarked for employees’ retirement as pensioners near a deal on a broader package of benefit cuts, WSJ Pro Bankruptcy reported. The 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.