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President of the federal control board that oversees Puerto Rico’s finances will resign
The chairman of a federal control board that oversees Puerto Rico’s finances announced he is stepping down as the U.S. territory struggles to restructure more than $9 billion in debt held by its troubled energy company.
June 26, 2024, 5:44 pm ET
• 2 minutes of reading
SAN JUAN, Puerto Rico — The chairman of a federal control board that oversees Puerto Rico’s finances announced Wednesday that he is stepping down as the U.S. territory struggles to restructure more than $9 billion in debt. owned by its troubled energy company.
David Skeel’s announcement came on the same day that U.S. President Joe Biden named Luis Ubiñas as the board’s newest member and moved former bankruptcy judge Arthur González and educator Betty Rosa to the board. Ubiñas, an investor and business consultant, will fill the seat vacated by Antonio Medina in his third term on the board.
Skeel said his term will end when Biden nominates someone to take his place.
Skeel, who served on the council for nearly eight years, said he achieved a stable budget for Puerto Rico and greatly reduced the government’s debt.
Last week, the board announced it would ask the judge overseeing the Puerto Rico Electric Power Authority’s restructuring plan to reopen hearings related to the debt. After a series of hearings in March, a federal court ruled that bondholders have the right to receive full repayment of their debt.
The decision was a setback for the council and comes at a time when Puerto Ricans continue to suffer frequent electrical outages.
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