Outgoing Puerto Rico Governor Alejandro García Padilla urged his successor to demand that a federal control board overseeing government finances move immediately to restructure much of its nearly $70 billion in debt, the Associated Press reported on Saturday.
Puerto Rico in Distress
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A federal control board overseeing Puerto Rico's finances gave the governor a list of proposed measures to turn around the U.S. territory's economy including downsizing the government, privatizing ports and charging tourists more for certain services, the Associated Press reported.
Puerto Rico said it may run out of cash by February if it’s forced to cover bond payments, underscoring the pressure that’s causing the island to default on a growing share of its $70 billion debt, Bloomberg News reported yesterday.
The Financial Oversight and Management Board for Puerto Rico, established by the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), yesterday released a request for proposal seeking submissions from interested financial advisors to be retained by the Board.
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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.