Puerto Rico

The board wants the bankruptcy judge to say recently passed law, which prohibits cuts to pensions, does not bar the board's plan for two major pension changes.

The various increased federal support proposals included in the Build Back Better package could help the island's economy, which has generally been contracting for the last 15 years.

The legislation Gov. Pedro Pierluisi signed late Tuesday is sufficient to issue new bonds, the board said, which was integral to getting the island out of its $33 billion bankruptcy.

It is unclear if the Oversight Board will accept the law and how much it differs from Board-endorsed legislation that failed last week in the legislature.

Judge Laura Taylor Swain contemplates dismissing the bankruptcy, which would leave bondholders in position to sue for full payment.

The Puerto Rico Bankruptcy Judge on Friday ordered a meeting for Monday between the Oversight Board, lawmakers, the governor and creditors to discuss possible alternatives.

The island's General Fund gained $1.476 billion of revenue.

The deal for new bonds will likely be passed but experts say the final Plan of Adjustment may not lead to a sustainable recovery for the island.

Lawmakers say they will support legislation backing the Plan of Adjustment, which has been a major hurdle for completion of the debt restructuring plan.

Judge Swain keeps the process on schedule to start the Confirmation Hearing on Nov. 8.

The board also offers to approve other spending in exchange for local government approval of new bonds and other measures for the Plan of Adjustment.

Bond insurer Ambac Assurance joined other creditors in saying without local government support, they may withdraw theirs for the Plan of Adjustment.

Amendments would make it "impossible" to enact the Plan of Adjustment because the cost would be too high.

Puerto Rico House leadership wants a guarantee of no pension cuts and other incentives in a debt bill.

Swain said she would review the consistency of the proposed Plan of Adjustment with the certified fiscal plan in deciding whether to approve it.

The board wants the deadline for retail bondholders to vote on the Plan of Adjustment to remain Oct. 18.

The current bill is inconsistent with what the Oversight Board has said it is willing to accept.

Despite the recent two-week extension Peter Hein says the timeline is too tight and another week is needed.

Puerto Rico Gov. Pedro Pierluisi said the power agency's new leaders must end the outages plaguing the island.

The Plan of Adjustment confirmation hearing will still begin on Nov. 8.