Reported about 1 year ago
David Skeel, chairman of the federal control board overseeing Puerto Rico's finances, announced his resignation as the U.S. territory works on restructuring over $9 billion in debt, particularly from its troubled power company. President Joe Biden appointed Luis Ubiñas as the newest board member, replacing former members, as the board enters its third term. Skeel's departure will coincide with the appointment of his replacement, after serving for about eight years and achieving a stable budget and substantial debt reduction for Puerto Rico. Recent developments include the reopening of hearings related to Puerto Rico's Electric Power Authority's debt restructuring, following a court ruling in favor of bondholders, as the island continues to face electricity challenges.
Source: YAHOO