Puerto Rico Electric Power Authority

Puerto Rico issues rallied after reports the island’s electric company struck a debt restructuring agreement with its bondholders.

The U.S. Territorial Relief Act of 2018 would give territories the option to terminate their debt obligations while authorizing $7.5 billion in federal funds to compensate mainland creditors who are individual investors, trade unions, pension plans, and open-end mutual funds.

June's unemployment rate was the lowest monthly rate since at least 1975.

The previous named director and four board members resigned last week.

Members of Congress and market observers were divided over the ramifications of Friday's court opinion that the U.S. is liable for debt cuts mandated by the Oversight Board.

U.S. Court of Federal Claims Chief Judge Susan Braden carved a legal path for holding the federal government liable for cuts to Puerto Rico bonds.

The judge dismissed Aurelius' argument that the U.S. Constitution had prohibited the means used to appoint the oversight board members.

Governor is setting up the appointment of a new executive director at a salary lower than one announced Wednesday.

The action follows a resignation by the PREPA executive director and pressure from the governor.

Walter Higgins plans to submit his resignation because an unexpected family incident will keep him out of Puerto Rico, the governor said.

Governor Ricardo Rossello called for an extraordinary session of the legislature in a bid to make the island more attractive for investment by peeling back worker protections.

The sale and lease of assets could raise money to pay off the power authority's debt.

Without a centralized review, a series of fragmented studies could well create a quagmire for the bankruptcy court.

Magistrate Judge Judith Dein said she'd take up the investigation issue at a June 18 hearing.

The bankuptcy court will hear a motion Wednesday to allow the probe, which could undercut billions of dollars in bondholder claims.

The disagreement over at-will employment is the latest episode on a struggle over policy measures intended to pull the territory out of recession and help in payment of its debt.

The Oversight Board's executive director said the budget's future is linked to government introduction of at-will employment law.

The board gave up on plan to reduce paid vacation and sick time and eliminate Christmas bonuses, but gained a promise of island-wide at-will employment.

The decline in the unemployment rate is mostly due to emigration, a challenge as the territory restructures its debt.

April’s General Fund collection was 15.7% higher than that of April 2017.