Puerto Rico’s government yesterday asked a judge for up to four extra weeks to meet key deadlines in the U.S. territory’s bankruptcy case, after Hurricane Maria tore through the island, bringing its fragile infrastructure to its knees, Reuters reported today. In court papers filed in U.S.
Puerto Rico in Distress
Video Features
ABI Analysis
As residents grapple with power outages across the entire island, the task of turning the lights back on falls to an electrical utility saddled with rickety infrastructure, workforce reductions and financial troubles so deep it declared a form of bankruptcy in July, the Wall Street Journal reported today.
The devastating blows dealt to Puerto Rico by Hurricanes Irma and Maria are putting the woebegone U.S. territory’s bankruptcy on the backburner, Reuters reported yesterday. The team of judges overseeing the case has directed parties to put legal issues on hold indefinitely, as the territory recovers from an unprecedented one-two punch of natural disasters.
Hurricane Maria hit Puerto Rico today just two weeks after Irma caused as much as $1 billion in damages on the bankrupt island, Bloomberg News reported today. Maria’s top winds were at 155 miles an hour, the National Hurricane Center said in a notice around 6 a.m. EDT. Maria could cause $30 billion in damage to Puerto Rico and the U.S.
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.