Puerto Rico Infrastructure Financial Authority

Puerto Rico's government would pay attorneys to represent the interests of bondholders who own less than $1 million of Puerto Rico bonds.

The Oversight Board filed a suit against a new law that contradicts certain provisions in the plan of adjustment. Gov. Pierluisi says the litigation is not necessary.

Board says all the objections to disclosure statements are without legal merit or should be addressed at the plan of adjustment confirmation.

The board said the measures passed by both the Puerto Rico House and Senate would harm the economy.

Puerto Rico's government tells the court the Disclosure Statement should address the likelihood the legislature will not approve new bonds for the plan of adjustment since the plan cuts pensions.

Also on Wednesday Judge Swain said she would not send out the central government bankruptcy's disclosure statement until she was satisfied with it.

Through the first nine months of the fiscal year, Sales and Use Tax collections are up 30% from the year earlier.

In the bill the governor signed, lawmakers will not approve a plan of adjustment with cuts to pensions, which the current proposed plan includes.

While its budget does not include debt service, the executive director said she anticipated amending it in the coming fiscal year once the plan of adjustment is finalized.

Long-term economic stability is not sustainable, economists say, after federal aid dries up.

The board is allowing the legislature an opportunity to give input even though the board retains control over the budget.

The board also submitted an amended plan of adjustment and disclosure statement for the central government bond deal.

The board is also considering a measure the House passed to undo board-supported labor reforms.

Assured Guaranty and National Public Finance Guarantee gave their support to Highways and Transportation Authority and Convention Center District Authority revenue bond deals affecting $4.6 billion, solidifing their support for the central government deal.

Observers say it is the beginning of the end of the central government bankruptcy.

Judge Laura Taylor Swain says they can be dealt with in the process of confirming the central government plan of adjustment.

While the 2020 number was down from the 2010 figure, it was still almost 10% greater than the Puerto Rico Oversight Board's estimate.

If sales and use tax revenues surpass May 2020 expectations, some bondholders would see increased payments.

They say the bankruptcy judge should delay ruling on the relative priority of Puerto Rico's bonds until she deals with the central government plan of adjustment.

The board also extended the deadline for two bond insurers to withdraw from the central government bond Plan Support Agreement.