Puerto Rico

Judge Swain rejected the governor's request to stay the board's suit until November.

If residents become eligible for the government money, it would increase income and spending, providing a lift to the commonwealth's economy.

The local planning board is more optimistic about the next 10 years of Gross National Product growth than is the Oversight Board.

Pierluisi filed a request to stay the adversary proceeding in late August. Since then, the board and Puerto Rico House and Senate leaders told the court they oppose the stay.

More than a third of the island's residents have lost power this week, in a problem that happens more frequently on the island than it does in the states.

Having earnestly settled with every major constituency, it is time for the Board to do the right thing by abandoning unnecessary pension cuts and freezes.

The governor is asking for a stay until the court decides on the Plan of Adjustment.

Federal benefits for Child Tax Credits will also be expanded.

The governor and the Oversight Board had yet to offer an opinion on the increase.

The board bars implementing a 2020 law and is threatening legal action if the local government does not cooperate.

Both board members and government officials reiterated their stances on cuts to public pensions — for and against — but neither party said agreements had been reached during the meeting.

Island employment was up overall from 2020 figures.

Funding would be offered, perhaps for pensions, in exchange for a debt restructuring.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The authority succeeded in selling unrated bonds to take out CCC-rated bonds.

The underestimate came as the board was concerned about the impact of COVID-19 on the island's economy.

Even if the Oversight Board can legally approve new debt for the deal, some market participants say the future "willingness to pay" is the larger consideration.

The board will say it has treated the creditors fairly, it meets the 'best interest' test for debtors, and its plan preempts dozens of local laws.

Judge Swain also allowed Debt Recovery Authority bondholders efforts to protect their collateral to continue.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.