Puerto Rico

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.

The move could push the Plan of Adjustment, and debt restructuring, closer to the finish line, although the Senate president listed eight more concessions he wants.

While there is no formal deal between the board and the local government, the bill may ultimately serve as a comprehensive bargain.

Judge Swain said she would rule on Sept. 30 on extending the Oct. 4 deadline for voting.

The Oversight Board must lobby Congress and the Biden administration to take a hard stance and pass a new federal debt limit for Puerto Rico, like the one repealed in 1961.

Gov. Pedro Pierluisi signed increases into law on Tuesday but economists are skeptical they will help the island's economy.

Authorization to sell new bonds to replace existing debt is a necessary step to help finalize the island territory’s record bankruptcy.

The board sent mixed signals on a possibility of deal with legislature on pension cuts.

The local government is trying to apply pressure on the board to get its way on the Plan of Adjustment.