The judge overseeing Puerto Rico’s record bankruptcy ordered Governor Pedro Pierluisi, the island’s political leaders and its financial oversight board to participate in a conference call on Monday after lawmakers failed to enact legislation to restructure the commonwealth’s debt, Bloomberg News reported.
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Puerto Rico’s House of Representatives approved a bill yesterday that allows the commonwealth to issue new bonds to replace existing debt and cut its obligations, a key step that moves the island closer to resolving its record bankruptcy, Bloomberg News reported.
Puerto Rico’s financial oversight board agreed to remove proposed public employee pension cuts from a plan to slash the island’s debt, a major concession aimed at securing lawmakers’ approval for a bond restructuring that will put an end to its more than four-year bankruptcy, Bloomberg News reported.
The Puerto Rico power authority is set to declare a state of emergency in an effort to improve its fleet of power generators that have been in critical condition, the utility said, the Wall Street Journal 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.