Puerto Rico

An appeals court ruled the Oversight Board can stop laws that are inconsistent with PROMESA's purpose.

The Oversight Board has issues with the joint resolution.

The bill, which would overturn a 2017 law, is awaiting Gov. Pedro Pierluisi's signature to become law.

Analysts uncertain about the timing and cost savings as FAFAA names syndicate for possible refunding.

A survey shows local business owners are more pessimistic than they were six months ago.

The board and its law firm O'Neil & Borges clashed with challenger Carlos Lamoutte in court papers.

The board continues to struggle with the local government on fiscal matters six years after PROMESA's passage.

Some observers of Puerto Rico politics are concerned its government continues to avoid fiscal responsibility, ignoring past mistakes that led to the bankruptcy.

The Bankruptcy Judge extended the deadline for PREPA debt negotiations to July 1 and bondholders expressed frustrations, warning they may seek full repayment if a deal is not made.

All parties except for the Unsecured Creditors Committee support the extension.

A firm representing the Oversight Board also represented firms that acquired a loan portfolio from a board-controlled entity.

The authority will takes steps to raise $1 billion to address expected growth of expenses.

A teachers' request was rejected, but another ruling could force the board to release documents it chose to withhold.

The main bond classes appear to clear the two-thirds majority needed for a court endorsement.

The authority currently projects $169 million in losses over three months, though FAFAA says it won't be that bad.

The territory has to respond to a change in U.S. tax policy that will eliminate a substantial source of revenue.

While expenditures also grew, revenues came in 4.5% higher than projections and were higher than the authority's cost growth.

Teachers petition court for a rehearing before the full appeals court panel of judges.

The local government's bond restructuring law specified the tax was to go to the General Fund starting on March 15.

Holders of $4.3 billion of HTA bonds will receive $1.2 billion of new bonds with 5% coupons and $389 million of cash.