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 held by its troubled power company.

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.

Skeel said his tenure will end when Biden appoints someone to fill his seat.

Skeel, who served on the board for nearly eight years, said it has achieved a stable budget for Puerto Rico and massively reduced the government's debt.

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.

The decision was a setback for the board and comes as Puerto Ricans continue to experience frequent electrical outages.