Puerto Rico

Protesters targeted investors in prisons and Puerto Rico bonds at the Museum of Modern Arts' opening.

The board also said the local government's $18 billion in the bank doesn't give it additional money to pay bondholders.

The bond insurer may be seeking a more receptive audience for its claim that underwriters provided incomplete and misleading information about the bonds it insured.

Two board members said an effort in congress to shift responsibility for the commonwealth's infrastructure revitalization is ill timed.

If a majority of the justices find the Oversight Board created by Congress has a primarily federal role, it could do what the hedge funds want and invalidate the board.

The House Natural Resources Committee, meanwhile, is meeting Oct. 22 to consider removing the infrastructure revitalization section from the federal legislation that established the Puerto Rico Financial Oversight and Management Board.

Bondholders' hopes of getting more than 13 cents on the dollar depend on rulings in various legal proceedings.

The wild card part of this case is whether the justices decide to take an expansive look back on early 20th century decisions known as the Insular Cases and rule on the constitutional rights of U.S. citizens living in territories outside the 50 states.

The Supreme Court let a lower court decision stand that may mean bondholders will get 100 cents on the dollar instead of 13 cents on $3.2 billion of bonds.

The island's economic index "is approaching the behavior that existed prior to the hurricane.”

Assured Guaranty and two other bond insurers recently petitioned the Supreme Court to review an appellate court ruling involving the Puerto Rico Highways and Transportation Authority’s special revenue bonds.

Gov. Wanda Vázquez García's support for pension cuts that had been opposed by her predecessor is seen as "a strong positive" for the debt restructuring.

The Puerto Rico Oversight Board filed a proposed plan of adjustment Friday that would reduce the commonwealth’s debt obligations by 60% and establish a roadmap to exit bankruptcy.

With a meeting on the restructuring set, bondholders were girding for battle over the board's plan to nullify portions of the debt.

Managing Director, Miller Buckfire & Co.

The household employment survey showed good economic news, while other measures were mixed.

Amending the law that established an oversight board for restructuring Puerto Rico’s debt looks like a tall order.

The gain was led by a 53% jump in revenue from the Act 154 excise tax, which is due to be phased out.

The proposed change would create a hurricane reconstruction coordinator. an audit of the island’s debt, and federal funding for the Oversight Board.

Treasury Secretary Steve Mnuchin said Puerto Rico will have to look for an alternative to the Act 154 tax.