Across Puerto Rico, citizens are struggling as a projected $55 billion in aid arrives at a trickle and the White House falters in its support of rebuilding, Bloomberg News reported. This week, President Donald Trump promised “the A Plus treatment” for residents of tornado-torn Alabama, a state where he enjoys strong support.
Puerto Rico in Distress
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A recent U.S. Appeals Court ruling that found Puerto Rico’s federally created fiscal oversight board was unconstitutionally appointed will be appealed to the Supreme Court, the board announced yesterday, Reuters reported. The board, which was authorized under a 2016 federal law known as PROMESA, also said that it is seeking to put on hold the 1st Circuit U.S.
Hedge funds that own Puerto Rico general obligation bonds are fracturing into competing groups as they jockey for priority in the U.S. territory’s financial restructuring, WSJ Pro Bankruptcy reported.
Puerto Rico’s financial restructuring is ricocheting in a new direction after a federal court ruling threatened to leave the U.S. territory without functioning fiscal supervisors for the first time since its default on its debt, WSJ Pro Bankruptcy reported. The U.S.
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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.