As Puerto Rico faced a fiscal crisis last year after racking up $123 billion in debt and pension liabilities, Congress passed special legislation to give it relief from creditors and time to find its financial footing.
Puerto Rico in Distress
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Puerto Rico is considering suspending debt-service payments for five years, a lead lawyer for the territory’s federal oversight board said, in the first indication of how the devastation caused by Hurricane Maria will affect the restructuring of the island’s debt, Bloomberg News reported.
Puerto Rico’s power company didn’t follow its lawyers’ advice when it agreed to a $300 million grid-construction contract with Whitefish Energy Holdings LLC, according to documents released by a House committee probing the now-canceled deal, WSJ Pro Bankruptcy reported.
Puerto Rico’s governor won a decisive court victory that could boost his role in shaping the island’s financial recovery as he seeks $94 billion in federal aid to pay for the devastating damage dealt by the September hurricane, Bloomberg News reported. A federal judge struck down a request by the U.S.