Puerto Rico Governor Ricardo Rosselló released a $9.6 billion spending plan that devotes about a fifth of the budget to covering government workers’ pensions because the island’s retirement funds are poised to run out of money as soon as July, Bloomberg News reported yesterday. It’s the U.S.
Puerto Rico in Distress
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A federal judge yesterday ordered the trustee for Puerto Rico’s COFINA bonds not to make a $16 million payment due on June 1, allowing creditors to litigate competing claims to the money that could be central to how the bankrupt U.S. territory restructures debt, Reuters reported. U.S.
Puerto Rico Gov. Ricardo Rosselló has just the solution for the decade-long recession and crippling debt crisis his island is facing: U.S. statehood, Politico reported on Friday. Trouble is, Rosselló has little support from Congress for his dream of making the territory the 51st state — and possibly even less from the Trump administration.
Puerto Rico says it owns $400 million in cash being held by a bondholder trustee, raising an issue at the heart of the territory’s $74 billion bankruptcy, Bloomberg News reported yesterday.
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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.