Puerto Rico Electric Power Authority

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."

A U.S. district court on Tuesday rejected that bond insurer Ambac Financial was liable for allegedly overly optimistic and misleading statements it had made about its insured Puerto Rico bonds.

Activists protested what they called Aurelius Capital Management’s support for austerity in Puerto Rico.

Title III bankruptcy judge Laura Taylor Swain approved hiring Phoenix Management Services LLC as financial advisor for the mediation process.

The Oversight Board has asked the bankruptcy judge to approve compensation for a team led by Martha Kopacz, who served in a similar role in Detroit's bankruptcy.

The judge in the Puerto Rico Title III bankruptcy cases is scheduled to weigh motions by Puerto Rico Electric Power Authority and Puerto Rico Sales Tax Finance Corp. (COFINA) bondholders at a hearing Wednesday.

The Puerto Rico Oversight Board announced it was planning an investigation of the island’s public sector debt.

Noel Zamot will oversee expediting permitting for crucial projects to help strengthen the territory's economy.

Major bondholders and three bond insurers filed papers Tuesday seeking a receiver for the Puerto Rico Electric Power Authority.

The organizational session set the stage to address disputes in a restructuring of $47.5 billion of Puerto Rico’s debt.

Puerto Rico Electric Power Authority bonds were slashed to D Thursday by Fitch Ratings in the wake of the utility’s bankruptcy filing.

Assured Guaranty lashed out Wednesday at a federal oversight board decision allowing the Puerto Rico Electric Power Authority to proceed with Title III bankruptcy filing.

PREPA officials said they don't expect the filing to affect owed payments or electric supply.

The move follows the board’s decision to reject a Restructuring Support Agreement developed over three years between Puerto Rico Electric Power Authority and its creditors.

With fiscal year 2017 nearing an end in Puerto Rico, the Oversight Board was threatening to approve a budget Friday morning without local government agreement and the electric power authority was on the verge of default on a $423 million bond payment due Monday.

Puerto Rico's oversight board's decision against the power authority's restructuring support agreement moves $9 billion of debt closer to bankruptcy.