U.S. District Judge Laura Taylor Swain, presiding over Puerto Rico's massive bankruptcy, yesterday approved an agreement aimed at resolving creditors' competing claims on the U.S. territory's sales tax revenue by year's end, Reuters reported.
Puerto Rico in Distress
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A hedge fund yesterday sued to have Puerto Rico’s bankruptcy case thrown out, arguing that the federal oversight board now guiding the island’s financial affairs was unconstitutionally established, the New York Times reported. In a lawsuit filed in U.S. District Court in San Juan, the hedge fund, Aurelius Capital, cited the “appointments clause” of the U.S.
A $380 million offshore gas project in Puerto Rico is stalling, caught up in the fallout from a $9 billion utility bankruptcy, the Wall Street Journal reported yesterday. Excelerate Energy LP gave notice last week it had canceled contracts with Puerto Rico’s electric utility to construct a floating natural gas terminal off the island’s southern coast.
Puerto Rico's tax revenue collection in July was ahead of projections, the U.S. commonwealth's treasury secretary said on Wednesday, a positive start to the new fiscal year for an island struggling with bankruptcy and a 45 percent poverty rate, Reuters reported yesterday. "I think we are going to be $20 to $30 million over the forecast," Raul Maldonado, said on Wednesday.
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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.