Thousands of Puerto Ricans have been forced to drain their savings, close their businesses, or resign themselves to living with structural damage as they fight insurance companies over millions of dollars’ worth of claims that have gone unanswered or unpaid more than a year after Hurricane Maria, the Associated Press reported.
Puerto Rico in Distress
Video Features
ABI Analysis
President Trump attacked Puerto Rico’s “inept politicians,” accusing them of trying to funnel “ridiculously high” levels of federal disaster assistance toward paying down a $73 billion debt load in his latest confrontation with the U.S. territory’s leadership, WSJ Pro Bankruptcy reported.
Puerto Rico bonds rallied yesterday after the commonwealth’s federal oversight board published an updated fiscal plan that apparently acknowledged a greater ability to repay its debt than had been previously estimated, Bloomberg News reported.
The Financial Oversight and Management Board for Puerto Rico announced Friday that it filed in court a debt-adjustment plan for the Sales Tax Financing Corp. (Cofina), Caribbean Business reported.
Other Resources
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.