A federal judge approved an emergency $300 million loan that will keep Puerto Rico’s troubled electric utility in operation, averting a threat of more power outages at a time when the island is trying to recover from last summer’s devastating hurricanes, the Wall Street Journal reported. Judge Laura Taylor Swain of U.S.
Puerto Rico in Distress
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Puerto Rico’s power company will begin shutting down as soon as Friday if it doesn’t receive a $1 billion loan from the territory’s central government, threatening to cause widespread electricity outages across the hurricane-devastated island, a lawyer for Puerto Rico told a U.S. judge, Bloomberg News reported.
A top Puerto Rico senator is suggesting that the bankrupt island accept its own deeply distressed bonds as collateral - at nearly full-value, no less, Bloomberg News reported.
Puerto Rico Governor Ricardo Rosselló yesterday released a revised fiscal plan that will use $18 billion of additional money from the U.S. federal budget to transform the bankrupt island’s deficit into a $3.4 billion surplus within six years, Reuters reported. The injection of new funding from the federal budget, enacted earlier this month, will let the U.S.
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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.