Yesterday, in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, the U.S. Supreme Court took away the last existing option for Puerto Rico to restructure its debt, unless Congress steps in, according to a commentary by Prof. Charles Tabb of the University of Illinois College of Law.
Puerto Rico in Distress
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Creditors for Puerto Rico’s main electricity provider are reviewing a proposal from the utility that would help the agency avoid a $420 million bond default on July 1, according to three people with direct knowledge of the plan, Bloomberg reported yesterday.
With Puerto Rico facing a $2 billion debt payment in just over three weeks, lawmakers in the U.S. House of Representatives passed legislation on Thursday to ease the island’s crippling financial crisis, The Associated Press reported yesterday.
Puerto Rico voters sent a signal of displeasure this weekend with the debt rescue package now pending in Congress, but leaders on Capitol Hill are pushing ahead anyway, insisting the bipartisan compromise is the best deal for federal taxpayers and the island territory, The Washington Times reported yesterday.
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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.