A plan to pull Puerto Rico out of bankruptcy by 2021 hit a major obstacle on Friday when a new member that U.S. President Donald Trump appointed to a federal control board overseeing the island’s finances rejected the immediate filing of a debt restructuring proposal.
Puerto Rico in Distress
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The judge overseeing Puerto Rico’s debt restructuring process has rejected a bond insurer’s request for an investigation into what it said were potentially improper bond trades based on information obtained during confidential mediation sessions, Reuters reported. During a telephonic hearing on Wednesday, U.S.
Seven members of the U.S. House of Representatives have sent a letter to the Puerto Rico Oversight Board asking it to postpone debt negotiations until an investigation of insider trading can be completed, Bond Buyer reported. U.S. Rep.
Puerto Rico residents are set to choose a new governor in the Nov. 3 election after one of the most turbulent periods in the U.S. territory’s history, marked by natural disasters, economic crisis, political upheaval and now a pandemic, the Wall Street Journal reported.
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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.