Puerto Rico’s bankrupt power authority moved closer to a creditor settlement that would ease its potential privatization, agreeing to restructuring terms with a bond guarantor and seeking to postpone further litigation, WSJ Pro Bankruptcy reported.
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Puerto Rico’s federally created oversight board believes it can recover payments to bondholders possibly in the billions of dollars if certain debt sold by the bankrupt U.S. commonwealth is found to be invalid, according to a motion filed on Tuesday in federal court, Reuters reported.
Senate Democrats yesterday blocked a Republican disaster aid bill, saying that it doesn’t do enough to help hurricane-torn Puerto Rico, the Associated Press reported. The 44-49 vote fell short of a majority, much less the 60 votes required to overcome a Democratic filibuster.
The White House is preparing to ask the Senate to confirm the current members of Puerto Rico’s oversight board, according to people familiar with the matter, a move that would disappoint critics of the U.S. territory’s financial supervisors, 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.