Puerto Rico’s federal supervisors are preparing to scrutinize the U.S. territory’s bankruptcy advisers, reflecting broader concerns about potential overcharging and conflicts of interest in public contracting, WSJ Pro Bankruptcy reported.
Puerto Rico in Distress
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Puerto Rico’s most-recent audited financial statements are almost four years old, casting doubt over just how broke the bankrupt island is as creditors fight over its cash and residents protest proposed austerity measures in the streets. The U.S. territory’s federal oversight board signaled it’s tired of waiting, Bloomberg News reported.
Puerto Rico demonstrators battled police on San Juan’s streets as they marched against proposed cuts to retirement benefits and looser labor laws as the bankrupt island seeks to reduce $74 billion of debt, Bloomberg News reported.
Puerto Rico will receive nearly $600 million in emergency federal assistance to help the island’s schools recover from Hurricane Maria, the U.S. Department of Education announced today, the Orlando Sentinel 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.