Puerto Rico Highway & Transportation Authority

Bankruptcy judge set deadlines for voting on the Highways and Transportation Authority plan of adjustment, moving it closer to confirmation.

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.

Puerto Rico teachers' associations are trying to delay the March 15 enactment of the Plan of Adjustment while they appeal it.

The Oversight Board also approved a new fiscal plan for the Highways and Transportation Authority.

While the Puerto Rico Senate would not take up a House-approved budget amendment that would allocate money to repay bondholders, analysts expect the Oversight Board to approve the funding.

Jaresko's resignation comes the same week as more than 40 Puerto Rican groups called for the disbandment of the Oversight Board in a letter to President Joe Biden.

The law concerning bankruptcy advisor disclosures comes after the SEC fined Oversight Board advisor McKinsey in November.

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.

To become law, the bill would have to pass the House of Representatives and Senate, gain the governor's signature, and avoid potential blocks by the Puerto Rico Oversight Board and lawsuits.

Swain rejected several legal challenges to the Plan of Adjustment. The Oversight Board must file a final amended plan by Friday.

A fight is brewing over whether the Oversight Board can preempt some of the territory's pension statutes.