Chairman of federal control board overseeing Puerto Rico finances to step down

SAN JUAN, Puerto Rico — The chairman of a federal control board that oversees Puerto Rico’s finances announced Wednesday he is stepping down as the U.S. territory struggles to restructure more than $9 billion in debt

The announcement by David Skeel came the same day U.S. President Joe Biden appointed Luis Ubiñas as the newest board member and reassigned former bankruptcy judge Arthur González and educator Betty Rosa to the board. Ubiñas, an investor and business consultant, will fill the spot left by Antonio Medina as the board enters its third term.

Last week, the board announced it would ask the judge overseeing the restructuring plan for Puerto Rico’s Electric Power Authority to reopen the hearings related to the debt. After a series of hearings in March, a federal court ruled that bondholders have the right to be repaid the full amount of their debt.

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