Puerto Rico

The Oversight Board asked the court to extend its deadline for submitting various documents including a term sheet to restructure the central government debt.

The judges found the appellants had failed to seek stays or appeals of the approved bond restructuring — on about $17.6 billion of debt — in a timely fashion and the plan had advanced well beyond the point where it could be practically undone.

The effects of COVID-19 on Puerto Rico are severe and the island's capacity to repay its debt has changed. The Oversight Board's objectives in the debt-restructuring process, however, have not.

No ruling was issued and the judges' sympathies could not be easily deciphered.

The Puerto Rico Oversight Board has previously said there would be significant spending cuts in the the coming fiscal year.

Sixteen investment funds are making an argument on Employees Retirement System bonds that could be widened to other Puerto Rico bonds.

The board aims to improve transportation resources on the island.

The SSI debate is expected to highlight an array of other federal safety-net benefits that residents of Puerto Rico are denied.

Bondholders complain about lack of resolution and payment, and hitting 'deal exhaustion,' but some stakeholders are hopeful for a resolution this year.

The Economic Activity Index was down 0.4% from October.

Pedro Pierluisi wants to make sure that employees are not dismissed and don't lose their benefits, among other things.

Ambac says that PROMESA is against the Constitution's call for uniform bankruptcy codes.

Gov. Pedro Pierluisi says Francisco Rodríguez Dosal is experienced in the construction and infrastructure industry.

Even with the November increase, General Fund Revenues collected from July to November were 5% below those of 2019.

Three of seven board members will be from the original group.

Some economists say the changes, such as a rise in minimum wage, would be a negative for the local economy.

The aid is in response to Hurricanes Irma and Maria, which hit the island more than three years ago.

Bankruptcy judge Swain barred the government from implementing and enforcing the revenue and spending laws the Oversight Board had challenged.

With the November jobs report showing a decline in employment, and the coronavirus raging, economists debate the state of the commonwealth's economy heading into the new year.

Bondholders say Puerto Rico is in a good position to pay the amounts listed in the February 2020 proposed Plan of Adjustment.