Puerto Rico’s governor asked justice officials to investigate allegations that critical power grid supplies were stockpiled instead of put to use rebuilding the U.S. territory’s infrastructure following a devastating recent hurricane, WSJ Pro Bankruptcy reported. Gov.
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Aurelius Capital Management, a major Puerto Rico bondholder, asked a federal judge on Wednesday to throw out the U.S. territory’s historic bankruptcy, challenging the constitutionality of the board overseeing the island’s finances, Reuters reported. At a hearing in federal court in New York, Aurelius told U.S.
The number of Puerto Ricans who fell behind on their home loans following the devastation of Hurricane Maria may be peaking while federal mortgage guarantors debate how long to protect property owners from foreclosure, WSJ Pro Bankruptcy reported.
The U.S. federal board managing Puerto Rico’s finances will consider fast-tracking four energy projects that would invest a combined $1.47 billion in the island’s decimated power grid, Reuters 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.