Puerto Rico Highway & Transportation Authority

An appeals court ruled the Oversight Board can stop laws that are inconsistent with PROMESA's purpose.

A firm representing the Oversight Board also represented firms that acquired a loan portfolio from a board-controlled entity.

The main bond classes appear to clear the two-thirds majority needed for a court endorsement.

Holders of $4.3 billion of HTA bonds will receive $1.2 billion of new bonds with 5% coupons and $389 million of cash.

The Oversight Board says an adversary complaint affecting HTA claims remains active, contradicting a statement made to the court last month.

The Economic Development Bank estimated the first half of fiscal 2022 had experienced a 5.5% increase in growth, upward from a 3.6% increase in previous estimates.

The commonwealth's unemployment rate hit a record low in February.

Restructured muni debt has "typically outperformed the broader muni market, as issuers emerge from bankruptcy with higher debt-servicing capacity and the debt re-enters the municipal high-yield index," noted PIMCO.

The judges appeared skeptical about the need for a stay.

The teachers are trying to prevent enactment on March 15.