A U.S. judge yesterday denied a request by Puerto Rico’s federally created financial oversight board to extend a looming deadline to file claims, the latest hurdle for its plan to recoup billions of dollars paid to bondholders of potentially invalid debt issued by the island’s government, Reuters reported.
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Four of the world’s largest oil suppliers are accused of cheating the Puerto Rico’s electric utility out of more than $1 billion, Bloomberg News reported. A class-action lawsuit alleges Vitol SA, Trafigura AG, the U.S. trading arm of Royal Dutch Shell Plc and Brazilian producer Petrobras conspired to sell substandard oil at inflated prices to the now-bankrupt power authority, known as PREPA.
Puerto Rico’s federal oversight board is asking the U.S. Supreme Court to overturn a ruling that deemed its members unconstitutionally appointed and opened the door for President Donald Trump to appoint his own nominees to supervise the island’s record bankruptcy, Bloomberg News reported. The board said yesterday that it filed a petition with the High Court challenging a Feb.
A judge yesterday ordered banks to comply with a request from Puerto Rico’s federally created financial oversight board to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth, Reuters reported.
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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.