The Puerto Rican government is taking a hard line on rebuilding properties decimated by last year’s Hurricane Maria, offering homeowners federal financial assistance only if they move out of flood-prone areas, the Wall Street Journal reported.
Puerto Rico in Distress
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Creditors overwhelmingly approved a plan to restructure bonds issued by Puerto Rico’s insolvent Government Development Bank (GDB), according to preliminary voting results announced yesterday, Reuters reported. The U.S. Commonwealth’s Fiscal Agency and Financial Advisory Authority said final results are expected on or around Sept. 19.
OppenheimerFunds Inc. and Franklin Advisers Inc. slashed their holdings of Puerto Rico bonds this year, taking advantage of a record rally in the price of the distressed island’s debt, Bloomberg News reported. It marks the first major retreat for OppenheimerFunds, one of the biggest mutual-fund owners of Puerto Rico debt and a company that’s playing a major role in its bankruptcy.
Nearly a year after Hurricane Maria devastated Puerto Rico, many of the island’s roughly 44,000 small businesses that haven’t benefited from reconstruction spending are still struggling, Bloomberg News reported. About 2,400 businesses closed in the fourth quarter of 2017, more than double the amount that closed during the same period in 2016, U.S. Bureau of Labor Statistics data show.
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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.