Puerto Rico

Pension laws had been perhaps the key issue that could have scuttled the island's debt restructuring deal.

Puerto Rico's government, bondholder Peter Hein, and eminent domain parties make call for varied changes to the board's proposed documents.

The board has long maintained that if the pension laws are allowed to stand, the Plan of Adjustment would not be implemented, scuttling the entire bankruptcy deal.

While the U.S. continues to lag pre-pandemic levels, Puerto Rico is now ahead by 2.3% from November 2019.

A fight is brewing over whether the Oversight Board can preempt some of the territory's pension statutes.

The issue is the power of the Oversight Board over several locally passed pension laws the board says might make the Plan of Adjustment unfeasible.

Nine groups or individuals say the Oversight Board's arguments are wrong.

Revenues were also up compared to the first quarter of fiscal 2021.

No consensus on whether the judge will make changes to the plan before approval.

Several recent challenges to the Plan of Adjustment that could threaten its approval.

A request by the Department of Justice could delay the confirmation of the Puerto Rico bankruptcy until March or beyond and that in turn could lead to the current deal's collapse.

The board says the judge's ruling on the issue will determine whether it withdraws the Plan of Adjustment.

The Oversight Board argued legal issues with bondholders, pensioners, credit unions, and others at Monday's Plan of Adjustment confirmation hearing.

The unions say Act 53 bars the changes to the pensions that the Oversight Board say are necessary for the Plan of Adjustment.

President Biden had pledged to end the law that excludes residents of Puerto Rico from the federal supplemental security income program.

While certain parties are making deals with the Oversight Board on the Plan of Adjustment, holdouts remain.

While this hurdle has apparently been cleared, the road to approval for the Plan of Adjustment remains bumpy.

The board's 8th debt restructuring plan improves funding for a pension trust as well as eliminating cuts to benefits for current retirees, just ahead of the confirmation hearing that begins Monday.

While the economy is stronger than a year ago, it is still down from two years ago.

Puerto Rico bankruptcy judge approved the board’s plan to notify parties of pension limitations, a key to allowing the Plan of Adjustment to move forward.