Puerto Rico Electric Power Authority

New York Fed president calls Puerto Rico's recovery from the COVID-19 slump "astounding."

Many Puerto Rico legislators want the governor to cut PREPA's debt by 75% before they will support his spending measure.

The Oversight Board said the budget reflects a "constrained operating environment."

This is the third deadline extension for PREPA mediation.

Bondholders contest Puerto Rico Oversight Board's claim that parties are engaging constructively in mediation.

Unsecured Creditors Committee attorney Luc Despins, said, “After five years, the results are in: the strategy has gone nowhere.” 

The judge set May 2 deadline that was extended until June 1 and then July 1. Mediators now want until Aug. 1.

An appeals court ruled the Oversight Board can stop laws that are inconsistent with PROMESA's purpose.

The bill, which would overturn a 2017 law, is awaiting Gov. Pedro Pierluisi's signature to become law.

A survey shows local business owners are more pessimistic than they were six months ago.

The board continues to struggle with the local government on fiscal matters six years after PROMESA's passage.

The Bankruptcy Judge extended the deadline for PREPA debt negotiations to July 1 and bondholders expressed frustrations, warning they may seek full repayment if a deal is not made.

All parties except for the Unsecured Creditors Committee support the extension.

A firm representing the Oversight Board also represented firms that acquired a loan portfolio from a board-controlled entity.

The authority currently projects $169 million in losses over three months, though FAFAA says it won't be that bad.

With the ink still drying on the central government restructuring, analysts give takeaways from Puerto Rico's bankruptcy. Some point to credit fundamentals, others to lack of willingness to pay, as key drivers of the bankruptcies.

The majority on the court said upholding the benefits could have opened the door to a broad range of other federal benefits to Puerto Rico residents.

Several additional steps would be needed before the private operator of the transmission and distribution grid would be removed.

The underwriters filed a defense to the court earlier this month and analysts are skeptical of MBIA’s chances of prevailing.

A blackout that affected almost all of Puerto Rico Wednesday still had more than half of Puerto Rico Electric Power Agency customers without electricity Friday.