Commonwealth Utilities Corp. (CNMI) facing cash-flow crisis

SAIPAN – The Commonwealth Utilities Corp. will soon be in a "hand-to-mouth" situation if it can't get $8 million in reimbursement from the Federal Emergency Management Agency, said CUC Chief Financial Officer Greg Cruz.

"What we collect goes out the same day to take care of our bills," Cruz reported to the CUC board on Friday.

Without the FEMA reimbursement, he added, CUC would be unable to pay some of its contractors hired for the Supertyphoon Yutu restoration work.

"We should have a plan B in the event this money (FEMA reimbursement) doesn't come in by the end of the year," Cruz said.

Read more: https://www.postguam.com/news/cnmi/commonwealth-utilities-corp-facing-cash-flow-crisis/article_7b6954b6-803b-11e9-adf1-e7adec4cf87f.html