Puerto Rico

One Puerto Rico Oversight Board member said that approving the COFINA deal was the board's safest choice.

Puerto Rico credit unions say that the disclosure fails to provide concrete numbers on how bonds will be restructured.

Christian Sobrino Vega, the commonwealth’s representative to the Puerto Rico Financial Oversight and Management Board, made clear in an interview with The Bond Buyer that the commonwealth has not and will not intermingle federal disaster aid with debt payments to the island’s bondholders.

The board wants to avoid invoking its power to force spending cuts to pay for the expected annual payment to government workers.

With COFINA and GDB deals moving forward, the Public Buildings Authority, Aqueduct and Sewer Authority, and University of Puerto Rico may be next in line.

While the $17.6 billion sale-tax bond restructuring advanced, a group holding more than $3 billion of Commonwealth bonds formed to help negotiate a comprehensive restructuring of that debt.

The bill would require that new owners respect existing labor contracts and pensions.

The unsecured creditors gave conditional support to the biggest Puerto Rico debt restructuring.

Puerto Rico governor says that the board's objections are unfair or inaccurate.

Puerto Rico granted $521 million in tax credits over the last seven months.

Unsecured creditors have said they are unsure if they will support the Puerto Rico sales tax bond restructuring.

The struggle between board and local government continues, as island leaders agree to a tax overhaul plan.

Three of four economic measures improved in September from August.

Statutes of limitation will be the main obstacle, observers say.

Analysts are more optimistic about repayment but still dubious about local government cooperation.

Sergio Marxuach and other officials of the nonpartisan, San Juan-based Center for a New Economy said federal spending on disaster recovery has been slower than in other areas also struck by hurricanes in 2017.

The board continues to say that state metrics should be a guide to restructuring the island's central government debt to a much lower level.

The Puerto Rico Oversight Board has voted unanimously to ok a five-year fiscal plan that faces local government opposition.

The revised five-year fiscal plan projects increased disaster-related funding and slowing population decline through 2023.

As the Puerto Rico Oversight Board gets ready to approve a five-year fiscal plan this week, it is setting up a power struggle between itself and Gov. Ricardo Rosselló and the commonwealth legislature.