Hurricane Fiona hit southwestern Puerto Rico with 85 mph (140 kph) winds on Sept. 18 and the broad storm unleashed flooding across the island, which still had not recovered from 2017′s Hurricane Maria, a stronger cyclone that slashed across the U.S. territory, obliterating the power grid, which had since been patched but not fully rebuilt, the Associated Press reported.
Puerto Rico in Distress
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A court-appointed mediation team overseeing negotiations between Puerto Rico’s bankruptcy power utility and its creditors wants a new debt restructuring proposal filed within 60 days and a confirmation hearing to be held no later than June, Bloomberg News reported.
Puerto Rican officials are re-examining a controversial deal to put private operators in charge of electricity service as the island territory’s power system faces another costly reconstruction and renewed fights with investors, WSJ Pro Bankruptcy reported.
Puerto Rico ended talks with power revenue bondholders without a negotiated deal on $9 billion in debt, leaving its bankrupt electric utility once again without a clear path out of court protection, WSJ Pro Bankruptcy reported. The mediated talks are expected to expire Friday, people familiar with the matter said.
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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.