Puerto Rico

Managing Director, Miller Buckfire & Co.

The household employment survey showed good economic news, while other measures were mixed.

Amending the law that established an oversight board for restructuring Puerto Rico’s debt looks like a tall order.

The gain was led by a 53% jump in revenue from the Act 154 excise tax, which is due to be phased out.

The proposed change would create a hurricane reconstruction coordinator. an audit of the island’s debt, and federal funding for the Oversight Board.

Treasury Secretary Steve Mnuchin said Puerto Rico will have to look for an alternative to the Act 154 tax.

Lawyers say relations between the governor and the Oversight Board have improved with the new governor.

Two contracts worth $1.8 billion were improperly awarded to Cobra for its work restoring electricity, the U.S. Attorney's office said.

Bond insurers National and Syncora agreed to back the Puerto Rico utility's restructuring plan, bringing support to more than 90%.

The unsecured creditors want to prevent GDB successors from making $578 million of claims against central government.

The mediation, initiated six weeks ago to resolve disputes over almost $25 billion of bonds, has yet to address the core issue of legality of some of the debt, according to a bondholder familiar with the process.

The Puerto Rico Oversight Board may have a stronger case to declare bonds invalid than the Illinois litigants did.

U.S. Court of Claims Judge Richard Hertling said Tuesday he would issue the stay because he expects key rulings by the Supreme Court and an appellate court.

Judge Laura Taylor Swain sided with the Oversight Board as it sues the local government to comply with its fiscal plans.

CDBG mitigation is a new program to support communities for events that are likely to occur rather than recovery from events that have already occurred. Some disaster recovery funds have been used in the past for mitigation.

She also names Elí Díaz Atienza to fill the role as her representative to the Oversight Board.

It remains unclear how the new governor may alter the Puerto Rican government's stance in the suit.

The Oversight Board urged the federal government to provide more help to the island’s people and businesses.

The deal reduces the authority's debt service by $380 million.

Puerto Rico’s Oversight Board remains committed to assist in the island’s fiscal recovery in the midst of political chaos over who will be running the government.