Puerto Rico Public Buildings Authority

The governor tells the judge it makes no sense to commence a process aimed at approving the plan without her support.

Puerto Rico Bankruptcy Chief Mediator Barbara Houser said that the bankruptcy judge should rule on issues concerning "nonsecured creditors."

Deal offers up to 76% for Public Building Authority bonds but as little as 3% for $16B of bonds subordinated to the GO debt in Puerto Rico's constitution.

Recoveries would be from 65% to 77% for general obligation and Public Building Authority bondholders.

Puerto Rico's legislature may not want to approve what would effectively be an electricity rate increase, said analysts at a recent conference.

The secondary market price has risen 40% since June 11.

The Census Bureau’s 3,193,694 estimate for July 1 is 2.6% higher than the Oversight Board predicted for the date in its May 2019 fiscal plan.

Mediation Team Leader Barbara Houser said that mediation has recently been "productive" and should be given more time.

To avoid a return of the economic downturn, the board may need to improve its program to promote economic growth. Part V of a five-part series.

Puerto Rico, with more than $70 billion of bonds at stake, has become a testing ground of austerity for an economy in decline.

Swain insists that holders of 2012 and 2014 bonds, which have been challenged as illegal, be given litigation notice.

Bankruptcy mediator Barbara Houser recommends litigation over $22 billion in bonds should resume in January and February.

Separately, the island's economic activity index fell on a year-over-over basis for the fourth straight month.

The mediator's report on almost $26 billion of bonds is now scheduled to be submitted on Nov. 27.

Judge Swain has ordered an end to the stay on open litigation of pension bond issues.

UBS, the underwriter facing more than $800 million in lawsuits over the pension system bonds, argued the proposed schedule won't give it enough input.

Lack of legislative cooperation wouldn't be a problem until after court-approval of a plan of a adjustment, observers said.

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

Bondholders' hopes of getting more than 13 cents on the dollar depend on rulings in various legal proceedings.

The Supreme Court let a lower court decision stand that may mean bondholders will get 100 cents on the dollar instead of 13 cents on $3.2 billion of bonds.