Puerto Rico Electric Power Authority

The Puerto Rico Oversight Board will discuss revising the commonwealth government’s and its semi-autonomous entities’ fiscal plans Tuesday morning.

The Federal Emergency Management Agency said it has "significant concerns with how PREPA procured this contract and has not confirmed whether the contract prices are reasonable.”

Gov. Ricardo Rosselló called the board’s appointment of Noel Zamot illegal and said the Puerto Rico government would challenge it.

Judge Laura Taylor Swain promised to release Wednesday a consensus-based order on the legal status of Puerto Rico’s post-hurricane federal aid.

Creditors are at odds with the island government over the conditions on federal hurricane disaster aid.

The board authorized Kobre & Kim to issue the subpoenas, as long as certain conditions, including the start of a "formal" investigation, had been met.

Six projects announced this week may lead to $300 million to $400 million of investment.

Puerto Rico Gov. Rosselló pledged to have electrical service back in less than half the time than had been predicted in late September.

The Trump administration requested $12.77 billion in initial funding to help Texas, Florida, Puerto Rico and the U.S. Virgin Islands.

Puerto Rico’s debt cannot be canceled by order of the president, restructuring experts and a key congressman said.

The board says it will postpone any discussion of furloughs until the next fiscal year.

The Puerto Rico Electric Authority bondholders said their loan offer to PREPA was a sincere offer to help and Puerto Rico’s government bitingly denounced it on Thursday and Friday.

Two key Puerto Rico Oversight Board members met with members of Congress Thursday and Friday.

The proposal would benefit bondholders without helping PREPA rebuild the power grid, a government statement said.

Puerto Rico's power authority said it may take more than six months to restore electricity and there was a report that the Oversight Board was ready to revise the amount of debt to be paid in the next nine years.

The potential financial lifeline from investors holding $3 billion of the utility’s bonds would only be available if the authority agrees to repay a third of that debt for 85 cents on the dollar

Puerto Rico Oversight Board executive director Natalie Jaresko told The Bond Buyer the commonwealth might also pay some of its debt later this year.

Puerto Rico Title III bankruptcy judge Laura Taylor Swain rejected a motion to lift the stay on the Puerto Rico Electric Power Authority's debt litigation, denying its creditors the ability to seek a receivership.

Kobre & Kim will assist in the board's investigation of Puerto Rico’s debt.

One lawyer called the bankruptcy judge’s ruling a "victory in the Oversight Board's effort to destroy all bondholder liens in Puerto Rico."