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Puerto Rico in Distress

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Bond insurer Assured Guaranty sued Puerto Rico and its federally-appointed oversight board yesterday, saying their plan to resuscitate the storm-ravaged, bankrupt U.S. territory violates the U.S. Constitution by stripping creditors of property rights, Reuters reported.

Puerto Rico and its federally appointed oversight board have reached a deal to avoid litigation over much-needed economic overhauls in the bankrupt U.S. territory, Reuters reported.

The Justice Department is attempting to replace the top federal prosecutor in Puerto Rico, who has been quietly campaigning to keep her job, WSJ Pro Bankruptcy reported. The Justice Department is close to proposing a candidate to succeed Rosa Emilia Rodríguez-Vélez, the U.S. attorney for the district of Puerto Rico. Ending her nearly 12-year tenure in office would require the U.S.

Major Puerto Rico creditors agreed how to split up sales-tax collections and cut $10 billion in public debt but were rebuffed by the U.S. territory’s federal financial supervisors, WSJ Pro Bankruptcy 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.