Puerto Rico

The local government is seeking to replace LUMA Energy as the island's transmission and distribution company.

The defendants include many of the largest municipal bond underwriters.

MBIA says it isn't responsible for what its subsidiaries did.

The Energy Bureau said rate adjustments that would help pay off debt should be considered after a PREPA plan of adjustment is approved.

U.S. District Judge Laura Taylor Swain ordered the parties in the PREPA bankruptcy to focus on the bondholders' accounting counterclaim.

Judge Laura Taylor Swain is allowing the continued examination of a count in which a trustee is challenging fees, and some proceeds, of pre-bankruptcy bonds.

U.S. District Judge Laura Taylor Swain suggested the board should include a contingent vehicle instrument in the proposed plan of adjustment.

Without that claim, bondholders are fighting for repayment of about $8.5 billion.

MBIA Inc. used National Public Finance Guarantee and MBIA Insurance to "perpetrate a fraud on investors," the COFINA bondholders said.

S&P revised its outlook to negative on San Juan Cruise Port LLC's BBB-minus rated bonds.

A federal judge dismissed a case against Ambac Financial, Ambac Assurance, National Public Finance Guarantee and MBIA Insurance but allowed the case against MBIA Inc. to continue.

The government plans to use surplus funds from fiscal years 2022 to 2024 to fund the payments.

The board wants the court to reject a wide range of bondholder discovery requests related to their administrative expense claim.

The tax reform costs will be offset by reductions in certain government spending, application of excess revenues that are coming in, and elimination of certain tax exemptions.

Bondholders are seeking compensation from the U.S. government for their losses in the restructuring.

Puerto Rico Gov. Jenniffer González Colón filed suit to end the island's contract with LUMA Energy for electrical transmission and distribution.

This is the first upgrade of bonds supported by assets currently or formerly in the Puerto Rico government's hands since the passage of PROMESA in 2016.

92% of the holders or insurers of Puerto Rico Electric Power Authority bonds reportedly now oppose the Oversight Board's proposed restructuring deal.

Bondholders say the insurers reneged on the bond insurance terms, which both firms deny in filings for the case, filed six years after the COFINA restucturing.

The three Puerto Rico Oversight Board members can resume their positions immidiately, District Court Judge Maria Antongiorgi-Jordan ruled.