Puerto Rico in Distress

ABI Analysis

Former Puerto Rico Gov. Wanda Vázquez Garced was arrested Thursday and charged with participating in a bribery scheme to finance her 2020 gubernatorial campaign, the Justice Department said, the Wall Street Journal reported. Ms.

Fees and expenses related to the restructuring of Puerto Rico’s debt — exacerbated by natural disasters and the pandemic — are forecast to reach $1.6 billion by fiscal year 2026, cementing the island’s status as the most expensive municipal bankruptcy in U.S. history, Bloomberg News reported.

A coalition of community groups is asking the judge overseeing Puerto Rico’s historic bankruptcy to withhold additional payments to McKinsey & Co. for its work on the island’s debt restructuring, alleging the management-consulting firm has conflicts of interest that it has failed to fully disclose, Bloomberg News reported. In a letter sent this week to U.S.

Hundreds of people marched in Puerto Rico's capital San Juan to demand that the island's government cancel its contract with power grid operator LUMA Energy over chronic power outages and frequent rate hikes, Reuters reported.

Other Resources

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.