Puerto Rico, at risk of running out of cash as soon as November, may be unable to pay investors as it looks to restructure $73 billion of debt, said Steven Rhodes, the former U.S. bankruptcy judge who is advising the island’s government, Bloomberg News reported on Friday. Puerto Rico faces a $354 million principal and interest payment on Dec.
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Rep. Tom Marino (R-Pa.), who has balked at legislation that would let some Puerto Rico government agencies seek bankruptcy, said that he’s instead pushing for the creation of a federal board to advise the island on its finances, Bloomberg News reported yesterday.
The top Democrat on the U.S. House Natural Resources Committee is pushing for a congressional hearing into the role of hedge funds in Puerto Rico’s debt crisis, Bloomberg News reported yesterday. Making the request yesterday, Rep. Raul Grijalva (D-Ariz.) pointed to a Sept.
The Swiss bank UBS has agreed to pay about $34 million to resolve charges by federal financial regulators that the bank failed to adequately supervise the sale of investments in troubled Puerto Rico mutual funds, the New York Times 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.