Commonwealth of Puerto Rico

Bondholders' hopes of getting more than 13 cents on the dollar depend on rulings in various legal proceedings.

The wild card part of this case is whether the justices decide to take an expansive look back on early 20th century decisions known as the Insular Cases and rule on the constitutional rights of U.S. citizens living in territories outside the 50 states.

The Supreme Court let a lower court decision stand that may mean bondholders will get 100 cents on the dollar instead of 13 cents on $3.2 billion of bonds.

This week's new deals will price into a market that has seen declining yields as stocks and Treasuries have weathered market volatility.

The island's economic index "is approaching the behavior that existed prior to the hurricane.”

Gov. Wanda Vázquez García's support for pension cuts that had been opposed by her predecessor is seen as "a strong positive" for the debt restructuring.

The Puerto Rico Oversight Board filed a proposed plan of adjustment Friday that would reduce the commonwealth’s debt obligations by 60% and establish a roadmap to exit bankruptcy.

With a meeting on the restructuring set, bondholders were girding for battle over the board's plan to nullify portions of the debt.

Managing Director, Miller Buckfire & Co.

The household employment survey showed good economic news, while other measures were mixed.

Amending the law that established an oversight board for restructuring Puerto Rico’s debt looks like a tall order.

The gain was led by a 53% jump in revenue from the Act 154 excise tax, which is due to be phased out.

Six of the eight audits — including the Building Authority audit disclosed Monday — involve IRS Form 8038-CP.

The proposed change would create a hurricane reconstruction coordinator. an audit of the island’s debt, and federal funding for the Oversight Board.

Treasury Secretary Steve Mnuchin said Puerto Rico will have to look for an alternative to the Act 154 tax.

Lawyers say relations between the governor and the Oversight Board have improved with the new governor.

Two contracts worth $1.8 billion were improperly awarded to Cobra for its work restoring electricity, the U.S. Attorney's office said.

The unsecured creditors want to prevent GDB successors from making $578 million of claims against central government.

The mediation, initiated six weeks ago to resolve disputes over almost $25 billion of bonds, has yet to address the core issue of legality of some of the debt, according to a bondholder familiar with the process.

The Puerto Rico Oversight Board may have a stronger case to declare bonds invalid than the Illinois litigants did.