Puerto Rico Electric Power Authority

David Skeel said he was proud about cutting Puerto Rico's debt and stabilizing the island's finances.

Observers and participants said the ruling sends a message that the municipal revenue bond pledge is strong and the Oversight Board's plan of adjustment for PREPA as it currently is proposed is unlikely to be able to stand.

Judges say PREPA bondholders have a lien on net revenues collected post-bankruptcy.

Resident Commissioner Jenniffer González Colón surprised incumbent Gov. Pedro Pierluisi in the New Progressive Party primary for governor.

The bond parties opposed to the plan of adjustment have already argued the Puerto Rico Oversight Board's electricity projections are too pessimistic, Judge Swain said.

Argument continues over how much PREPA will be able to pay bondholders.

Syncora and GoldenTree Asset Management want an accounting of what happened to PREPA net revenues.

The Oversight Board has given the local government until Tuesday to introduce a bill to revoke or amend a law that would reduce the Puerto Rico Electric Power Authority's revenues.

In the last few weeks projections from LUMA Energy indicate the authority can afford to pay more bond debt, opposing bond parties say.

The extension of the current solar net metering system could lower revenue for the utility.

In question is FAFAA's findings of fact and conclusions of law, which bondholders say was unauthorized.

Only one of 14 legacy generation facilities were operating normally at the end of January, suggesting less recovery for bondholders.

There is no timetable for rulings in bankruptcy case or appeal of lien rulings, which could lead to months of additional work on a new payment plan.

Bond parties want several creditor classes' votes in favor of the plan of adjustment to be disqualified.

The separate settlements some bond parties have reached with the Oversight Board "dramatically violate" the trust agreement, the trustee's attorney said.

The Oversight Board approved the restructuring of PREPA power supplier AES's municipal bonds as arguments begin in the plan of adjustment hearing.

U.S. District Judge Laura Taylor Swain said she would consider the motion during a scheduled May 22 bankruptcy hearing.

If the appeals court overrules parts of her decision, Judge Swain said she is "capable of adapting and reacting appropriately."

If the appeals court rules for them, the bond parties say, a new plan of adjustment may be needed.

The court is considering whether the original PREPA trust agreement gave bondholders a lien on all revenues, which they argue should extend beyond the debt restructuring, or only on the money the authority deposited in its reserve fund.