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.
Puerto Rico in Distress
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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.
Puerto Rico's governor made a last-ditch effort yesterday to persuade a federal control board that furloughing tens of thousands of government workers would be an unnecessary blow to the U.S. territory's struggling economy, the Associated Press reported yesterday. Gov.