So many of San Juan’s hotels remain closed from hurricane damage that a federal judge canceled plans to bring Puerto Rico’s historic, $74 billion bankruptcy case back to the island, Bloomberg News reported.
Puerto Rico in Distress
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Sen. Bernie Sanders (I-Vt.) unveiled an ambitious $146 billion Puerto Rico recovery plan he says will allow renewable power sources such as solar and wind to provide about 70 percent of the island’s energy needs within the decade, the Washington Post reported.
Puerto Rico Governor Ricardo Rosselló said the island has agreed to give the Federal Emergency Management Agency unprecedented power to oversee disaster-relief spending, a step that may mollify Congress as the territory seeks billions to recover from Hurricane Maria, Bloomberg News reported.
The company that was hired and then fired under a $300 million deal to rebuild Puerto Rico’s power grid has resumed repairs on a critical power artery after receiving partial payment on an $83 million bill backlog, WSJ Pro Bankruptcy 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.