Puerto Rico Electric Power Authority

The bond trustee has said treating bondholders differently violates the bond's trust agreement and makes the plan of adjustment unconfirmable.

While the FAFAA backed the board's discovery timeline, bondholders argue the board is trying to "run out the clock."

It says the plan of adjustment can treat bonds of National Public Finance Guarantee differently and let National vote in a different class.

The proposed plan's superior treatment of National Public Finance Guarantee-insured bonds is discriminatory and thus illegal, they allege.

The economy was boosted by COVID and hurricane relief money, one economist says.

"The board's arguments are bad for the future of infrastructure financing in the United States," Oversight Board member Justin Peterson said.

The board says the Ad Hoc Group of PREPA bondholders wrongly focused on "confirmation" issues in their attack on the board's proposed disclosure.

Low income residents of Puerto Rico won't be charged the proposed monthly fees the Oversight Board said.

Complaints include assertions the plan is unconfirmable and that it fails to offer necessary information.

"This settlement offer allows you to settle for payment in the form of new bonds of approximately half your claims," the Puerto Rico Oversight Board said.

The Puerto Rico Oversight Board says PREPA electric demand will decline 50% by 2051.

Mediation sessions are expected to resume in the coming weeks.

The contract is for 10 years.

Revenue were better than projected despite the Treasury Department postponing deadlines for certain taxes.

Critics say there are problems with part of the team because of a conflict of interest and a lack of experience.

Net revenues for September and October came in 12.3% above budgeted projections.

It says its urgent motion was administrative and the objections shouldn't be accommodated.

They also want to know why recovery was cut by $2.4 billion since Nov. 8.

Bondholders say the Oversight Board's offer is less than it was a few weeks earlier.

Sixteen Republicans joined all Democrats to vote in favor of the binding plebiscite.