Puerto Rico in Distress
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ABI Analysis
The federal board overseeing Puerto Rico’s finances yesterday asked the bankrupt U.S. territory to submit a new fiscal turnaround plan by Dec. 22, taking into account damage caused by Hurricane Maria, Reuters reported. Speaking at the board’s public meeting in San Juan, Executive Director Natalie Jaresko said the board would approve or reject the revised draft by Jan. 12.
The Federal Bureau of Investigation is investigating a decision by Puerto Rico’s power authority to award a $300 million contract to a tiny Montana energy firm to rebuild electrical infrastructure damaged in Hurricane Maria, the Wall Street Journal reported today.
Puerto Rico’s government power company said on Sunday it will cancel a $300 million contract with a tiny Montana company to restore power to the storm-hit U.S. territory after an uproar over the deal, Reuters reported today.