Puerto Rico oversight board hopes to certify fiscal plan by end Jan

[November 18, 2016]  (Reuters) - The chairman of the federal board overseeing Puerto Rico's financial restructuring set a target date of Jan. 31, 2017 to certify a fiscal turnaround plan for the U.S. territory struggling with $70 billion in debt and a 45 percent poverty rate.

At a public meeting on Friday in Puerto Rico, board chairman Jose Carrion also said the board has selected two law firms to serve as its legal counsel, and another to be a strategic consultant. It said it hopes to reveal the names of the firms next week, when it aims to complete contract negotiations.

(Reporting by Nick Brown in New York)

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