Commonwealth of Puerto Rico

The bondholders and board faced off over the creditors' belief they they are due the administrative expense claim.

The Oversight Board will continue to "prepare for a more dire outcome but continue to hope for the best," said Chairman Arthur Gonzalez.

At issue is whether PREPA bondholders may get a portion of the roughly $575 million available for unsecured claims against Puerto Rico's government

Some observers say Jenniffer González Colón, who took office in January, may be more open to compromise with Puerto Rico Electric Power Authority bondholders.

Some analysts question how much a leftist governor would impact financial and bond issues.

The study also projected a $1.475 trillion loss to productive infrastructure by 2050.

The plan involves building modern infrastructure and streamlining government operations and delivery of services.

Current Members Andrew Biggs and John Nixon will be reappointed for another three years.

The board's executive director said he is unsure how much longer the PREPA bankruptcy proceedings will take.

In a separate development, the board asked an appeals court to reconsider its PREPA decision.