Commonwealth of Puerto Rico

The teachers' groups will request a stay of plan implementation.

More federal Medicaid funding and higher-than-expected economic growth will lead to more revenues, the board expects.

Swain's order affects $1.9 billion of PRIFA bonds and $384 million of CCDA bonds, for which insurers and bondholders will receive minimum recoveries of 14% and 29% of par, respectively.

The law concerning bankruptcy advisor disclosures comes after the SEC fined Oversight Board advisor McKinsey in November.

Participants note there is a long road to sustainable recovery for the island that is dependent on the local government keeping its spending in check.

After more than four years of intense negotiations between many stakeholders, the Oversight Board's Plan of Adjustment gets the OK from Judge Laura Taylor Swain, moving the commonwealth closer to emerging from bankruptcy.

The Economic Activity Index is up 3.5% from a year earlier.

Swain rejected several legal challenges to the Plan of Adjustment. The Oversight Board must file a final amended plan by Friday.

The bankruptcy judge is unlikely to rule on the Plan of Adjustment and related legal documents until the federal government has filed its defense.

The credit unions had bought $976 million of Puerto Rico bonds and notes, which they alleged they were coerced to purchase by Puerto Rico government and its agencies.