Rep Slams Puerto Rico Fiscal Board For Delay On Utility Deal

Law360, New York (June 15, 2017, 9:18 PM EDT) -- The head of the U.S. House Committee on Natural Resources sent a letter Thursday dressing down the board overseeing Puerto Rico's troubled finances for delaying approval of a $9 billion restructuring deal between the territory's power utility and its bondholders that Congress has already blessed.

In a sharply worded letter to the chairman of the Financial Oversight and Management Board of Puerto Rico, Rep. Rob Bishop, R-Utah, said that by subjecting a Puerto Rico Electric Power Authority restructuring support agreement to fiscal review, the board is overstepping the authority granted to it by Congress under the Puerto Rico Oversight, Management and...

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