A proposed amended contract between Puerto Rico’s government and the operator of a coal-fired power plant accused of contaminating low-income communities on the island drew scrutiny Monday during a heated public hearing, the Associated Press reported.
Puerto Rico in Distress
Puerto Rico’s bankruptcy created some debt securities that don’t pay interest, but still managed to deliver an almost $400 million windfall to investors this month, Bloomberg News reported.
A group of U.S. lawmakers is asking tax authorities to accelerate an investigation into rich Americans seeking lucrative tax breaks in Puerto Rico, Bloomberg News reported.
A federal judge on Tuesday tentatively approved a portion of the newest plan to restructure $10 billion of debt owed by Puerto Rico’s power company amid heated negotiations between creditors and the U.S. territory’s government, the Associated Press 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.