Persistent power outages and threats from Puerto Rico’s government prompted a company that operates the island’s transmission and distribution system to announce yesterday that it would dedicate more resources and crews to improve service, the Associated Press reported. The move came just hours after the U.S.
Puerto Rico in Distress
Video Features
ABI Analysis
Puerto Rico’s Electric Power Authority and its creditors will keep negotiating through Sept. 9 to strike a potential deal to reduce $9 billion of debt, Bloomberg News reported. A mediation team that manages the debt talks said it needs more time beyond an Aug. 15 deadline for discussions, according to a court filing yesterday.
Former Puerto Rico Gov. Wanda Vázquez Garced was arrested Thursday and charged with participating in a bribery scheme to finance her 2020 gubernatorial campaign, the Justice Department said, the Wall Street Journal reported. Ms.
Fees and expenses related to the restructuring of Puerto Rico’s debt — exacerbated by natural disasters and the pandemic — are forecast to reach $1.6 billion by fiscal year 2026, cementing the island’s status as the most expensive municipal bankruptcy in U.S. history, Bloomberg News reported.