Puerto Rico’s bankrupt power utility and its creditors squared off in court Monday on whether bondholders have a legal right to the electricity provider’s future revenue, Bloomberg News reported.
Puerto Rico in Distress
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More than a dozen U.S. state attorneys general are backing an appeal by creditors of the Puerto Rico Electric Power Authority seeking to challenge a bankruptcy ruling that sharply limits their revenue claims, Bloomberg News reported. U.S.
Contract Between Puerto Rico's Government and Coal-Fired Plant Operator Leaves Residents in the Dark
A proposed amended contract between Puerto Rico’s government and the operator of a coal-fired power plant accused of contaminating low-income communities on the island drew scrutiny Monday during a heated public hearing, the Associated Press reported.
Puerto Rico’s bankruptcy created some debt securities that don’t pay interest, but still managed to deliver an almost $400 million windfall to investors this month, Bloomberg News 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.