Puerto Rico Electric Power Authority

They say the Oversight Board's argument restricting their claims just to money in the sinking fund is wrong.

FAFAA and Gov. Pedro Pierluisi retain some influence over the direction of an adversary proceeding in the PREPA bankruptcy and on the ultimate PREPA bond deal.

Swain said the bondholders lien on revenues and the recourse nature of the bonds needs to be determined. The judge would likely order a plan confirmation hearing take place by June 2023. 

While the parties generally support the start of litigation, they are arguing about everything else.

A multi-option plan of adjustment would be filed within 60 days.

Swain postponed Wednesday's bankruptcy hearing in the case and extended the comment deadline.

Bondholders want a quick resolution and they say the Oversight Board's approach would take two years.

Judge Swain on Wednesday will consider the Oversight Board's proposal to commence litigation on creditor claims.

Judge Swain grants the mediation team's request for an extension until Sept. 16 and possibly longer.

But it still remains slightly higher than it was a year ago.

The board says the law will reduce economic activity and government revenues.

The team now wants the option to continue discussions through September.

Revenues were 14.4% higher than those in the previous fiscal year.

The duration of outages has continued to increase, causing backlash for elected officials.

While a smaller population could be economically negative, the revised count lowers the median age, which would be positive.

The mediation team cites progress, but needs more time to reach an agreement.

The indictment of Wanda Vázquez is the latest in a series of corruption charges against Puerto Rico politicians over the last 18 months.

The mediation team can operate until Sept. 9, if it chooses to do so.

The Unsecured Creditors Committee, a PREPA union and a PREPA retiree group disagree. They want litigation to start.

They want at least 14 days more for the debt restructuring mediation process.