Puerto Rico’s financial oversight board agreed to remove proposed public employee pension cuts from a plan to slash the island’s debt, a major concession aimed at securing lawmakers’ approval for a bond restructuring that will put an end to its more than four-year bankruptcy, Bloomberg News reported.
Puerto Rico in Distress
The Puerto Rico power authority is set to declare a state of emergency in an effort to improve its fleet of power generators that have been in critical condition, the utility said, the Wall Street Journal reported.
Puerto Rico’s financial oversight board said it will sign off on island lawmakers’ proposed changes to pensions if officials approve a plan to sell new bonds, a move that could enable the commonwealth to end its record bankruptcy, Bloomberg News reported.
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.