Treasury Secretary Steven Mnuchin said he aims to wrap up negotiations today on a multi-billion dollar loan to Puerto Rico’s government that the territory’s leaders have complained is long overdue after Hurricane Maria ravaged the island in September, Bloomberg News reported.
Puerto Rico in Distress
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Puerto Rico’s bankrupt power authority, PREPA, has appointed Walter Higgins as its new chief executive officer, the utility said on Tuesday, on the six-month anniversary of Hurricane Maria’s destruction of the island’s power grid, Reuters reported.
Though economic activity in Puerto Rico has picked up in recent months, businesses large and small are struggling, the Wall Street Journal reported. Electricity woes continue to plague the island, where 91 percent of power generation has been restored but the grid is prone to sudden outages.
Debt from Puerto Rico is the top-performing bond investment of 2018, reflecting an unexpected improvement in the island’s economy and budding hopes for a settlement with creditors to resolve its continuing bankruptcy, the Wall Street Journal reported. Most U.S.