A coalition of community groups is asking the judge overseeing Puerto Rico’s historic bankruptcy to withhold additional payments to McKinsey & Co. for its work on the island’s debt restructuring, alleging the management-consulting firm has conflicts of interest that it has failed to fully disclose, Bloomberg News reported. In a letter sent this week to U.S.
Puerto Rico in Distress
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Hundreds of people marched in Puerto Rico's capital San Juan to demand that the island's government cancel its contract with power grid operator LUMA Energy over chronic power outages and frequent rate hikes, Reuters reported.
Customers of the Puerto Rico Electric Power Authority (PREPA) are now paying 33.4 cents/kWh for electricity — nearly double the rate they paid just two years ago, Utility Dive reported.
The federal control board that oversees the finances of Puerto Rico’s government approved a $12.4 billion general fund budget on Thursday for the U.S. territory after legislators failed to approve one amid intense bickering, the Associated Press reported. The board’s version of the budget was rejected last month by Gov. Pedro Pierluisi because it reduced government spending by $100 million.
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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.