Puerto Rico Industrial Development Co

Christian Sobrino Vega takes over directorship of the agency in charge of debt restructuring from Gerardo Portelo Franco,

Puerto Rico has released three key reports since July 10.

“I realize the urgency of the situation,” U.S. District Court Judge Swain said at the end of the Title III bankruptcy hearing in San Juan.

Governance issues are likely to remain regardless of how Judge Laura Taylor Swain rules on Gov. Ricardo Rosselló's adversary complaint

U.S. Court of Federal Claims Chief Judge Susan Braden carved a legal path for holding the federal government liable for cuts to Puerto Rico bonds.

The board has claimed its policies must be followed to make money available for bond payments.

Bondholders have long complained about the local government's lack of timely and accurate financial information.

The board responded that it would vigorously defend its budget and fiscal plan.

Oversight Board members blamed the reduction in available revenue in part on local government's failure to introduce at-will employment.

Revenues through the first 11 months of the fiscal year were 1% ahead of projections.

Senate president threatens lawsuits against anticipated Oversight Board labor policy and budget.

The territorial government's resistance to the labor law may prompt Oversight Board to approve its own version of the budget due this month.

A brief period of peace between the Oversight Board and the governor may soon end.

The proposed settlement may determine how much money is available for the biggest class of bondholders in Puerto Rico's municipal bankruptcy.

Magistrate Judge Judith Dein said she'd take up the investigation issue at a June 18 hearing.

The bankuptcy court will hear a motion Wednesday to allow the probe, which could undercut billions of dollars in bondholder claims.

The disagreement over at-will employment is the latest episode on a struggle over policy measures intended to pull the territory out of recession and help in payment of its debt.

Investors, already frustrated with the lack of progress since PROMESA was passed, face at least another two years before most debt payments will resume.

Judge said that the relevant issues include federal as well as local law.

The Oversight Board's executive director said the budget's future is linked to government introduction of at-will employment law.