The CEO of one of Puerto Rico's largest insurers fired back at his critics, talking about the decision to sue Puerto Rico after its recent debt default, and warning of the "dreadful" impact that granting the commonwealth access to U.S. bankruptcy laws could have on its citizens and the broader markets, CNBC.com reported yesterday.
Puerto Rico in Distress
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Senate Minority Leader Harry Reid (D-Nev.) is asking Republicans to set up a task force to reach a deal on Puerto Rico's financial crisis, The Hill reported today.
Puerto Rico’s troubled electric monopoly, mired in about $9 billion of debt, stands to run out of money by midsummer if its hard-won plans to restructure fall through — something that could happen this month, a top official of the utility told a congressional panel yesterday, the New York Times reported.
Puerto Rico’s main electricity provider can’t pay $1.13 billion due to creditors between now and July 1 without approval of an unprecedented debt-restructuring agreement reached at the end of December, according to Lisa Donahue, the agency’s chief restructuring officer, Bloomberg News 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.