Puerto Rico

A plan to sharply cut Community Development Block Grant program staffing follows Trump's statement that he is inclined to eliminate the Federal Emergency Management Agency.

They say if the board continues its current approach there will be years more of litigation with outcomes showing the board's positions are "baseless."

The executive director of the Puerto Rico Oversight Board suggested non-settling bondholders might be offered recoveries of about 4% of the principal due.

U.S. District Court Judge Laura Taylor Swain extended the bankruptcy's litigation stay to March 24 as mediators expressed hope about progress on a deal.

Bondholders say the Puerto Rico Energy Bureau is legally required to set rates to cover all bond principal and pre- and post-petition interest due. The board disagrees.

Some observers say Jenniffer González Colón, who took office in January, may be more open to compromise with Puerto Rico Electric Power Authority bondholders.

The decision, when issued, could have implications for other Puerto Rico bond restructurings.

The court has left in place its decision affirming the bondholders lien on net revenues.

The outage began at 5:30 a.m., leaving about 1.3 million of Puerto Rico's 1.4 million customers in the dark, according to Luma Energy, the private company that operates the system. Crews have begun restoring electricity in some areas, but it may take 24 to 48 hours to fully resume service, officials said.

Silver Point says it has done nothing wrong, and has retained prominent legal figures for its defense.

The continued delay in resolving the case raises constitutional concerns, a bondholder attorney said.

Calling it a "tragedy" for residents, without a negotiated setllement resolution could be years away, mediators said.

PREPA says it is short on money and Genera's parent company has said it may go out of business.

After losing its first appeal, the Puerto Rico Oversight Board initiated a second appeal with the First Circuit Court of Appeals.

The court affirmed its earlier decision, which means bondholders have a claim on the full $8.5 billion due.

Nashville, Tennessee, voters approved a $2 billion bond measure, while Lancaster County, South Carolina, and Cary, North Carolina, opposed the bond referendums.

Some analysts question how much a leftist governor would impact financial and bond issues.

The public-private partnership that took over four Puerto Rico toll roads following the territory's bankruptcy is gearing up to sell municipal bonds.

Oversight Board says the non-consenting bondholders ideas are "not a proposal."

Puerto Rico's electric reliability is likely to continue to deteriorate without access to the capital markets, the investors said.