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Puerto Rico in Distress

Most Recent Bankruptcy Case Docket Information for Commonwealth of Puerto Rico (17-03283)

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The Trump administration imposed financial controls on billions of dollars in disaster relief for Puerto Rico, laying out conditions on how the money must be budgeted and spent, the Wall Street Journal reported.

Puerto Rico will be allowed access to $8.2 billion in delayed disaster-aid funding by the U.S. Department of Housing and Urban Development (HUD), the island’s non-voting member of the U.S. Congress said, Reuters reported. Jennifer Gonzalez announced the disbursement of another chunk of funds the U.S.

Moody’s Investors Service said that a series of earthquakes that recently hit Puerto Rico poses a setback for the bankrupt U.S. territory in terms of its economic recovery and ability to retain residents and businesses, according to Reuters. The quakes included one with a magnitude of 6.4 on Jan. 7, the Caribbean island’s most powerful earthquake in 102 years.

The U.S. Supreme Court has declined to take up a dispute that has roiled the $3.8 trillion U.S. municipal bond market over payments on special revenue bonds that grew out of Puerto Rico's ongoing bankruptcy, Reuters reported. The justices left in place rulings last year by the Boston-based First U.S.

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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.