The U.S. Virgin Islands has called off efforts to sell its rum-tax collections to bondholders, extending the struggling territory’s long banishment from credit markets, WSJ Pro Bankruptcy reported. Gov.
Puerto Rico in Distress
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Puerto Rico’s federally-appointed oversight board on Wednesday made its case to reject $5.5 billion in bond debt as part of the commonwealth’s ongoing financial restructuring, Reuters reported. Appearing before U.S.
The lack of transparency and financial disclosures in the Puerto Rico bankruptcy process have been a continual problem on the island, according to a commentary in the Orlando Sentinel.
Democratic presidential nominee Joe Biden is calling on the federal government to offer debt relief to Puerto Rico as part of a broader plan to support the bankrupt U.S. territory as he works to appeal to Puerto Rican voters in Florida, Bloomberg News 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.