The U.S. First Circuit Court of Appeals yesterday ruled that bondholders’ claim on the assets of Puerto Rico’s public employee pension system ended when the system filed for bankruptcy in May 2017, Reuters reported. The First Circuit affirmed Federal Judge Laura Taylor Swain’s June decision that bondholders’ claim on employer contributions to the U.S.
Puerto Rico in Distress
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An agreement to restructure more than $8 billion of bonds issued by Puerto Rico’s bankrupt electric utility needs more time to obtain approval from the U.S. commonwealth’s legislative body, a lawyer for the island’s federally created financial oversight board said yesterday, Reuters reported. Martin Bienenstock told U.S.
Democratic Presidential Candidate Michael Bloomberg has released an economic plan for Puerto Rico that includes resolving the island’s debt and budget problems, moving disaster response and rebuilding funds quickly, and planning reconstruction and other infrastructure investments to position Puerto Rico for long-term, sustainable economic success, according to the Bloomberg 2020 campaign.
The Trump administration imposed financial controls on billions of dollars in disaster relief for Puerto Rico, laying out conditions on how the money must be budgeted and spent, the Wall Street Journal reported.
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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.