The lack of transparency and financial disclosures in the Puerto Rico bankruptcy process have been a continual problem on the island, according to a commentary in the Orlando Sentinel.
Puerto Rico in Distress
Democratic presidential nominee Joe Biden is calling on the federal government to offer debt relief to Puerto Rico as part of a broader plan to support the bankrupt U.S. territory as he works to appeal to Puerto Rican voters in Florida, Bloomberg News reported.
Puerto Rico bankruptcy Judge Laura Taylor Swain on Wednesday rejected bond insurers’ continued efforts to lift a stay on the claims for nearly $7 billion in revenue bond debt, The Bond Buyer reported. Swain rejected other arguments to lift the stay or to appoint the insurers as trustee in early July.
Earthquakes that rocked Puerto Rico in January and the coronavirus pandemic cost the island $1.1 billion in estimated revenue as Governor Wanda Vazquez closed almost all non-essential activity to help stop the spread of the virus, 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.