Puerto Rico

HTA employees say they will appeal the stay rejection.

The lenders say document will prevent the use of Vitol as a separate consenting impaired class.

Puerto Rico's employment trends are better than its fellow territory's since the onset of the COVID-19 pandemic, say Federal Reserve Bank of New York analysts.

In a fuel line lenders' motion, they requested information about the actual terms of the agreement between the board and Vitol, including the circumstances under which Vitol's commitment to vote in favor of the plan arose.

Revenues were up while economic activity slipped, with some observers suggesting Hurricane Fiona may have had a negative impact on the economy.

The appeals court judges seemed unmoved by the arguments.

With 16 days left to the U.S. House of Representatives' session, a bill to raise the rate languishes in committee.

Fuel line attorney questions validity of the party as an impaired class.

They say the HTA employees group have failed to show any of the four conditions needed for a court to order a stay.

The PFC bondholders are to get cash and some new appropriation-backed bonds.

The bondholders say they are owed $8.3 billion of principal and billions more of unpaid interest.

The workers say federal law bars the impairment of their wages.

There is chatter about a restructuring of UPR bonds, which have been paid throughout the territory's bankruptcy; the university's accreditation is a factor.

They say the Oversight Board's argument restricting their claims just to money in the sinking fund is wrong.

FAFAA and Gov. Pedro Pierluisi retain some influence over the direction of an adversary proceeding in the PREPA bankruptcy and on the ultimate PREPA bond deal.

The plan reduces HTA's $6.4 billion of total claims by more than 80% and saves Puerto Rico more than $3 billion in debt service payments, the Oversight Board said.

Swain said the bondholders lien on revenues and the recourse nature of the bonds needs to be determined. The judge would likely order a plan confirmation hearing take place by June 2023. 

While the parties generally support the start of litigation, they are arguing about everything else.

A multi-option plan of adjustment would be filed within 60 days.

The Puerto Rico Oversight Board is seeking the return of fees connected with Puerto Rico bonds and swaps.