Commonwealth of Puerto Rico

Some critics say relying on federal aid may obscure the underlying problems Puerto Rico faces in the longer term as it emerges from bankruptcy.

Puerto Rico completed the exchange of more than $33 billion of existing bonds and other claims into $7 billion of new bonds plus cash and CVIs on Tuesday.

Restructured muni debt has "typically outperformed the broader muni market, as issuers emerge from bankruptcy with higher debt-servicing capacity and the debt re-enters the municipal high-yield index," noted PIMCO.

The ruling means the restructuring set for Tuesday will proceed.

The judges appeared skeptical about the need for a stay.

A group of bondholders and bond insurers also submitted on Sunday a statement opposing the teachers’ request for stay.

The teachers are trying to prevent enactment on March 15.

Puerto Rico teachers' associations are trying to delay the March 15 enactment of the Plan of Adjustment while they appeal it.

The restructuring is on track to occur March 15, officials said.

The Oversight Board also approved a new fiscal plan for the Highways and Transportation Authority.