Commonwealth of Puerto Rico

The board bars implementing a 2020 law and is threatening legal action if the local government does not cooperate.

Both board members and government officials reiterated their stances on cuts to public pensions — for and against — but neither party said agreements had been reached during the meeting.

Island employment was up overall from 2020 figures.

Funding would be offered, perhaps for pensions, in exchange for a debt restructuring.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The underestimate came as the board was concerned about the impact of COVID-19 on the island's economy.

Even if the Oversight Board can legally approve new debt for the deal, some market participants say the future "willingness to pay" is the larger consideration.

The board will say it has treated the creditors fairly, it meets the 'best interest' test for debtors, and its plan preempts dozens of local laws.

Judge Swain also allowed Debt Recovery Authority bondholders efforts to protect their collateral to continue.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.

Revenues were also ahead through the first 11 months of fiscal 2021.

Bankruptcy Judge Swain conditionally approved the Disclosure Statement, moving the Plan of Adjustment closer to a vote, but questions remain on how new bonds for the deal will be resolved.

The Oversight Board reached the deal with Ambac Assurance and Financial Guaranty Insurance Company on PRIFA rum tax bonds. The two insurers had been important holdouts from the central government debt deal.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

The economic impact of the strike will depend on how long it lasts and how many truckers stick with it.

The Oversight Board filed a suit against a new law that contradicts certain provisions in the plan of adjustment. Gov. Pierluisi says the litigation is not necessary.

The $10.1 billion General Fund focuses on operational improvements, Medicaid reform, and enhancing tax compliance.

Board says all the objections to disclosure statements are without legal merit or should be addressed at the plan of adjustment confirmation.

The board said the measures passed by both the Puerto Rico House and Senate would harm the economy.

Economists in Puerto Rico panned the proposal to raise the rate to $9 per hour saying it would hurt businesses.