Caribbean

The Public Service Commission said it will reconsider rates at its August meeting.

As long as the Oversight Board offers virtually nothing to many PREPA bondholders, the bankruptcy is likely to be tied up for years in litigation.

Without the increase U.S. Virgin Islands matching funds bonds would have defaulted in the next few years, some observers said.

The budget is a good sign, analysts say, and may be a first step towards ultimately ending the Oversight Board's authority over the territory.

The U.S. Virgin Islands WAPA said the Public Service Commission's reduction of electric rates jeopardizes its ability to pay bills and provide electric service.

Whether PREPA can pay the administrative expense claim doesn't affect its validity, the bond parties said.

Observers say a bankruptcy by Genera PR could complicate the PREPA bankruptcy.

The Puerto Rico Oversight Board asked Judge Laura Taylor Swain to rule now and move quickly to disclosure and confirmation hearings.

The department shifted funds that would have been invested in solar power to improve the island's electrical system.

The bondholders and board faced off over the creditors' belief they they are due the administrative expense claim.