Puerto Rico

The plan and disclosure statement indicates only some of the terms for the HTA, CCDA, and PRIFA rum tax bonds.

Possible withdrawal of bond insurer support and the opposition of the local government to pension cuts are the biggest hurdles to the plan.

An appeals court ruled that PRIFA and HTA issuers do not have to pay debt service during the Puerto Rico bankruptcy.

Even though the report has been publicly available for more than two years, the Oversight Board is still asked the perennial question: Why didn't we audit the debt? We did.

The First Circuit said Puerto Rico credit unions did not take appropriate timely steps to challenge the bond restructuring.

President Biden has gone on record favoring statehood, unlike his predecessor who slow-walked federal aid to the territory in the wake of Hurricanes Maria and Irma.

FAFAA head says that Puerto Rico is gaining "credibility" with investors.

A federal appellate court in April 2020 struck down a federal law denying residents of the island eligibility for the Social Security Supplemental Income program for the severely disabled.

An outside consultant provided recommendations on how the commonwealth can catch up on its long-delayed financial reporting, including a multi-year CAFR.

The deal continues to offer better recoveries for the guaranteed Public Building Authority debt than for general obligation debt, but trading of the GOs blew up with more than $180 million exchanging hands to higher prices.

Reducing tax fraud is one of the goals of the fiscal plan approved by the Puerto Rico Oversight Board in May.

Net revenues in the first six months were $5.19 billion. Without postponed income tax revenues from the prior fiscal year, this figure would have been $4.711 billion.

Puerto Rico private sector employment had an even more serious contraction in 2020 on the island than it did in the United States as a whole.

The judges should rule soon on insurer suits seeking monetary compensation against major bond underwriters.

The Oversight Board asked the court to extend its deadline for submitting various documents including a term sheet to restructure the central government debt.

The judges found the appellants had failed to seek stays or appeals of the approved bond restructuring — on about $17.6 billion of debt — in a timely fashion and the plan had advanced well beyond the point where it could be practically undone.

The effects of COVID-19 on Puerto Rico are severe and the island's capacity to repay its debt has changed. The Oversight Board's objectives in the debt-restructuring process, however, have not.

No ruling was issued and the judges' sympathies could not be easily deciphered.

The Puerto Rico Oversight Board has previously said there would be significant spending cuts in the the coming fiscal year.

Sixteen investment funds are making an argument on Employees Retirement System bonds that could be widened to other Puerto Rico bonds.