Puerto Rico Industrial Development Co

The board also said the local government's $18 billion in the bank doesn't give it additional money to pay bondholders.

The gain was led by a 53% jump in revenue from the Act 154 excise tax, which is due to be phased out.

Treasury Secretary Steve Mnuchin said Puerto Rico will have to look for an alternative to the Act 154 tax.

Judge Laura Taylor Swain sided with the Oversight Board as it sues the local government to comply with its fiscal plans.

She also names Elí Díaz Atienza to fill the role as her representative to the Oversight Board.

It remains unclear how the new governor may alter the Puerto Rican government's stance in the suit.

The Oversight Board urged the federal government to provide more help to the island’s people and businesses.

Puerto Rico’s economic activity index slipped 0.7% in June from a year earlier, as the economic boost from federal hurricane recovery aid receded.

Puerto Rico's governor looks to patch up a scandal-ridden administration before his own resignation takes effect.

With a weakened government, the Oversight Board may be emboldened to take more unilateral actions on bond restructuring, analysts said.

The board says more than $1.7 billion in revenue is at stake in fiscal years through 2024.

The Puerto Rico Treasury now expects 33.6% more revenue in the fiscal year than the original projection.

As Sunday's fiscal deadline approaches the legislature is hammering out a budget that's $500 million bigger than the Oversight Board's plan.

Puerto Rico CFO Rafael Maldonado Gautier said that some Treasury professionals have been selling influence, issuing false licenses, and trying to extort him.

The overall recovery would be in the 36% to 38% range under its restructuring plan for $35 billion in bonds.

The PRIDCO deal would be the fifth restructuring proposed or consummated under the Puerto Rico Oversight, Management, and Economic Stability Act of 2016.

The central government has $2.2 billion more than projected, raising hopes that bondholder losses may be mitigated.

A surplus this coming fiscal year will be used in following years for debt and pension payments, Executive Director Natalie Jaresko said.

Over the first 10 months of the fiscal year, General Fund net revenues are 11% above October projections.

Court filings cast doubt on repayment of an additional $5.1 billion in the territory's debt restructuring.