Puerto Rico Electric Power Authority

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.

GAO says Congress should consider giving SEC penalty authority over issuers, stripping Puerto Rico's triple-tax exemption,and expanding investor protection.

Puerto Rico would have to have a vibrant economy and a stable government that is fiscally sound, said Rep. Rob Bishop.

The Financial Oversight and Management Board for Puerto Rico approved the plan by a 6-1 vote Thursday after negotiations with the commonwealth’s government failed.

The latest turnaround plan projects a surplus of $6.7 billion over the next six years before debt payments, about $400 million more than Gov. Ricardo Rossello estimated earlier this month.

Matosantos' ownership of renewable energy businesses on the island is said to conflict with responsibility overseeing PREPA.

The vote came as Gov. Rossello said his fiscal plan will not accede to board demands.

Rosselló says that Rep. Rob Bishop is placing the needs of the bondholders over those of Puerto Rico residents.