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Puerto Rico was slowly recovering from one of the largest power outages in years, after a fire near the Costa Sur power plant late Wednesday knocked out electricity to the entire island, Bloomberg News reported.
Puerto Rico in Distress
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Puerto Rican lawmakers yesterday said that they will ask local regulatory bodies to cancel a landmark deal that put the island’s ailing energy grid into private hands, Bloomberg News reported.
Puerto Rico ended its nearly five-year bankruptcy as the commonwealth restructured $22 billion of debt, a crucial step that aims to help the island’s economy and repair its finances, Bloomberg reported. The U.S.
Puerto Rico will formally end its bankruptcy on Tuesday as the federally appointed financial oversight board implements key provisions of the commonwealth’s debt adjustment plan, including the establishment of a pension reserve trust and the exchange of existing bonds for new debt, Reuters 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.