Puerto Rico Employees Retirement System

While the bill has wide support in the Puerto Rico House of Representatives, the Oversight Board has yet to offer its opinion.

The Oversight Board seeks to recover $1.42 billion in fees on bond deals and interest rate swaps.

The Puerto Rico Oversight Board is seeking the return of fees connected with Puerto Rico bonds and swaps.

The ruling means the Puerto Rico government will have $400 million less in its coffers.

A teachers' request was rejected, but another ruling could force the board to release documents it chose to withhold.

Attorneys say the first step is to get a court to stay enactment of the Plan of Adjustment, but that it is unlikely.

The teachers' groups will request a stay of plan implementation.

Participants note there is a long road to sustainable recovery for the island that is dependent on the local government keeping its spending in check.

After more than four years of intense negotiations between many stakeholders, the Oversight Board's Plan of Adjustment gets the OK from Judge Laura Taylor Swain, moving the commonwealth closer to emerging from bankruptcy.

The bankruptcy judge is unlikely to rule on the Plan of Adjustment and related legal documents until the federal government has filed its defense.

The credit unions had bought $976 million of Puerto Rico bonds and notes, which they alleged they were coerced to purchase by Puerto Rico government and its agencies.

Pension laws had been perhaps the key issue that could have scuttled the island's debt restructuring deal.

The issue is the power of the Oversight Board over several locally passed pension laws the board says might make the Plan of Adjustment unfeasible.

No consensus on whether the judge will make changes to the plan before approval.

The Oversight Board argued legal issues with bondholders, pensioners, credit unions, and others at Monday's Plan of Adjustment confirmation hearing.

While this hurdle has apparently been cleared, the road to approval for the Plan of Adjustment remains bumpy.

The Puerto Rico Bankruptcy Judge on Friday ordered a meeting for Monday between the Oversight Board, lawmakers, the governor and creditors to discuss possible alternatives.

While the Puerto Rico House passed it, the Senate set a Thursday vote to ensure passage.

Swain said she would review the consistency of the proposed Plan of Adjustment with the certified fiscal plan in deciding whether to approve it.

The board wants the deadline for retail bondholders to vote on the Plan of Adjustment to remain Oct. 18.