Carlos Garcia Rawlins | Reuters
A woman reacts while looking at the damage to her house after the area was hit by Hurricane Maria in Guayama, Puerto Rico September 20, 2017.
The team of judges overseeing Puerto Rico’s bankruptcy has advised involved parties to put legal proceedings on hold indefinitely as the island recovers from the damage of Hurricane Maria, a source familiar with the legal proceedings said on Thursday.
According to the source, judges have also told the parties that the island’s fiscal turnaround blueprint might need to be redrafted, once it becomes clear how costly the destruction is, and how much aid Puerto Rico is expected to get from the U.S. Federal Emergency Management Agency.
A separate source, familiar with the Puerto Rican government’s thinking, said a moratorium on legal proceedings would likely be necessary, including the possible cancellation of an Oct. 4 bankruptcy hearing.
The sources requested anonymity to discuss the matter, which has not been announced publicly.