Puerto Rico

Swain postponed Wednesday's bankruptcy hearing in the case and extended the comment deadline.

Bondholders want a quick resolution and they say the Oversight Board's approach would take two years.

Judge Swain on Wednesday will consider the Oversight Board's proposal to commence litigation on creditor claims.

Puerto Rico's Fiscal Agency and Financial Advisory Authority said it "is available to assist the municipalities, as financial advisor and fiscal agent of the Government, on any restructuring that it deems necessary."

The statement could be interpreted as also suggesting a restructuring of $242 million in bonds.

Judge Swain grants the mediation team's request for an extension until Sept. 16 and possibly longer.

Judge Swain may approve the amended version in the next few weeks.

But it still remains slightly higher than it was a year ago.

The board says the law will reduce economic activity and government revenues.

The team now wants the option to continue discussions through September.

Judge gives Puerto Rico Oversight Board until next week to submit a plan of adjustment.

Although he called them "excessive and arbitrary," Gov. Pedro Pierluisi agreed to create a reserve fund, reduce the maximum conservation easement tax credit, and freeze implementation of a physician tax incentive.

Moody's says the cut is a credit negative for the U.S. Virgin Islands' matching fund bonds.

The bankruptcy judge indicated her support for the deal reached between Assured Guaranty and Franklin Advisors and Nuveen.

Assured Guaranty, Nuveen, and Franklin Advisors agreed to compromise language in the proposed HTA plan of adjustment.

Revenues were 14.4% higher than those in the previous fiscal year.

The Oversight Board told Gov. Pedro Pierluisi he must take steps to make sure it's revenue neutral or it could block the new tax.

The duration of outages has continued to increase, causing backlash for elected officials.

While a smaller population could be economically negative, the revised count lowers the median age, which would be positive.

The judge said she'd consider requesting changes to the proposed plan of adjustment.