Puerto Rico

The funds have net assets of around $187 million.

U.S. District Judge Laura Taylor Swain gave no indication at the hearing as to how she was leaning and said some issues might not be able to be resolved as a matter of law.

First Southern LLC failed to timely and accurately report on trades executed for an affiliated hedge fund, FINRA said.

Two New York members of Congress called them "vulture funds" trying to get "blood out of a turnip" at the expense of Puerto Rico electricity customers.

Puerto Rico's disputes with New Fortress Energy, the parent of the island's power plant operator, Genera PR, could spread to PREPA.

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.

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.

Rep. Scott Fitzgerald said PROMESA indicated PREPA needed to regain access to capital markets and suggested a deal with bondholders would aid this.

The Oversight Board will continue to "prepare for a more dire outcome but continue to hope for the best," said Chairman Arthur Gonzalez.

The bondholders say the failure to pay them net revenues since the 2017 bankruptcy start gives rise to their administrative expense claim.

Bond parties say the board's failure to settle the PREPA bankruptcy has contributed to the system's unreliability.

The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

At issue is whether PREPA bondholders may get a portion of the roughly $575 million available for unsecured claims against Puerto Rico's government

The bond parties argue that they are due the multi-billion-dollar fee from PREPA in addition to bond pricipal and interest.