Puerto Rico

The judge dismissed Aurelius' argument that the U.S. Constitution had prohibited the means used to appoint the oversight board members.

Governor is setting up the appointment of a new executive director at a salary lower than one announced Wednesday.

The action follows a resignation by the PREPA executive director and pressure from the governor.

The board has claimed its policies must be followed to make money available for bond payments.

Walter Higgins plans to submit his resignation because an unexpected family incident will keep him out of Puerto Rico, the governor said.

Bondholders have long complained about the local government's lack of timely and accurate financial information.

The Financial Industry Regulatory Authority has already barred Jose Ramirez from the securities industry, his lawyer said.

The board responded that it would vigorously defend its budget and fiscal plan.

Governor Ricardo Rossello called for an extraordinary session of the legislature in a bid to make the island more attractive for investment by peeling back worker protections.

Oversight Board members blamed the reduction in available revenue in part on local government's failure to introduce at-will employment.

There are two proposals being negotiated but one attorney says the discussions may go nowhere.

The board plans to approve a Puerto Rico budget by the end of Saturday.

Revenues through the first 11 months of the fiscal year were 1% ahead of projections.

Jose Ramírez has yet to acknowledge wrongdoing in misleading investors about Puerto Rico debt and may pose a continued threat to investors, SEC lawyers told a federal judge.

Senate president threatens lawsuits against anticipated Oversight Board labor policy and budget.

The legislature faces a June 30 deadline for making labor law changes or the Oversight Board will impose a previously certified plan that includes reductions in employee benefits.

The sale and lease of assets could raise money to pay off the power authority's debt.

The territorial government's resistance to the labor law may prompt Oversight Board to approve its own version of the budget due this month.

The April-approved fiscal plan had said just 39% of senior and senior subordinate bond debt would be paid in the next fiscal year.

Major Puerto Rico bondholders are balking at a tentative agreement that would steer to owners of sales-tax-backed debt a large chunk of the revenue they’ve been pledged, threatening to prolong a fight over one of the biggest issues in the island’s record-setting bankruptcy.