Puerto Rico's House of Representatives yesterday approved a bill aimed at overhauling the island's troubled power utility PREPA, pushing the agency a step closer to finalizing a deal with creditors to restructure more than $8 billion debt a day before a key deadline, Reuters reported yesterday.
Puerto Rico in Distress
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Puerto Rico’s government is trying to convince hundreds of wealthy investors to move to the U.S. territory, hoping they could help lift it out of a deepening economic crisis, the Associated Press reported today. Officials hosted a meeting for investors yesterday to promote local tax incentives aimed at luring the wealthy.
Creditors of Puerto Rico's sales tax authority, COFINA, made a counter-offer yesterday to Puerto Rico's Feb. 1 debt exchange proposal, saying that they would extend maturities but forgo cuts to principal that the original offer would entail, Reuters reported. The plan represents the first formal response from creditors to the debt-exchange proposal from the U.S.
President Obama is proposing to provide Puerto Rico with billions of dollars in relief, in addition to allowing the territory to declare bankruptcy on some of its debt, The Hill reported today.
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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.