Puerto Rico's governor signed a law that allows him to define essential government services and set aside money to pay for them, setting the vision of how to prioritize a mountain of obligations the struggling U.S. territory cannot afford, Reuters reported yesterday. Gov.
Puerto Rico in Distress
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Puerto Rico's federal oversight board voted to give the debt-laden U.S. territory more time to submit a fiscal turnaround plan and to restructure $70 billion in debt without fear of lawsuits, Reuters reported on Saturday. The seven-member board voted at a public hearing to extend to May 1 from Feb.
Puerto Rico's new governor wants to replace a law that allows the U.S. territory redirect revenues earmarked for bondholders to pay for essential services, the latest move to court holders of $70 billion in debt ahead of high-stakes restructuring talks, Reuters reported yesterday.
Some of Puerto Rico’s creditors are offering financing to the indebted U.S. territory as they jockey for top status in the renegotiation of its debts, the Wall Street Journal reported today.
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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.