Struggling retailer Toys “R” Us Inc. is seeking bankruptcy court approval to close two stores badly damaged by Hurricane Maria in Puerto Rico, after reaching settlements with landlords of the properties, while repairing three other locations, WSJ Pro Bankruptcy reported.
Puerto Rico in Distress
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Puerto Rico said on Friday that it will receive $16 billion in federal aid under a disaster recovery package signed on Friday by U.S. President Donald Trump, Reuters reported. That money includes nearly $7 billion announced on Wednesday and will help the bankrupt U.S.
A $90 billion disaster aid package agreed on by U.S. lawmakers on Wednesday would include nearly $7 billion in aid to storm-battered Puerto Rico and the U.S. Virgin Islands, according to two Senate Democratic aides and Puerto Rico’s governor, Reuters reported. The deal, likely to be voted on in Congress this week, would send $6.8 billion to the two U.S.
The concentration of illegal housing in Puerto Rico presents a vexing dilemma for local and federal authorities already overwhelmed by the task of rebuilding an economically depressed island after its worst natural disaster in nine decades, according to a Reuters analysis. Puerto Rico Governor Ricardo Rosselló has stressed the need to “build back better,” a sentiment echoed by 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.