Puerto Rico Public Finance Corporation

Two key Puerto Rico Oversight Board members met with members of Congress Thursday and Friday.

Puerto Rico's power authority said it may take more than six months to restore electricity and there was a report that the Oversight Board was ready to revise the amount of debt to be paid in the next nine years.

Puerto Rico Oversight Board executive director Natalie Jaresko told The Bond Buyer the commonwealth might also pay some of its debt later this year.

Kobre & Kim will assist in the board's investigation of Puerto Rico’s debt.

One lawyer called the bankruptcy judge’s ruling a "victory in the Oversight Board's effort to destroy all bondholder liens in Puerto Rico."

Puerto Rico government representatives told the Title III bankruptcy judge that sales and use tax revenues used for paying Puerto Rico Sales Tax Corp. (COFINA) bonds belong to the commonwealth.

Lower-rated issuers like Puerto Rico have been slower to rebound from past natural disasters, municipal analysts said.

Puerto Rico Title III bankruptcy judge Laura Taylor Swain has decided to address the dispute between Puerto Rico and the Puerto Rico Sales Tax Financing Corp. bondholders prior to other Title III matters.

The Puerto Rico Oversight Board’s clash with Gov. Ricardo Rosselló escalated as the panel said one of his government's new healthcare laws may be too expensive.

Title III bankruptcy judge Laura Taylor Swain approved hiring Phoenix Management Services LLC as financial advisor for the mediation process.

The Oversight Board has asked the bankruptcy judge to approve compensation for a team led by Martha Kopacz, who served in a similar role in Detroit's bankruptcy.

The judge in the Puerto Rico Title III bankruptcy cases is scheduled to weigh motions by Puerto Rico Electric Power Authority and Puerto Rico Sales Tax Finance Corp. (COFINA) bondholders at a hearing Wednesday.

The Puerto Rico Oversight Board announced it was planning an investigation of the island’s public sector debt.

The organizational session set the stage to address disputes in a restructuring of $47.5 billion of Puerto Rico’s debt.

With fiscal year 2017 nearing an end in Puerto Rico, the Oversight Board was threatening to approve a budget Friday morning without local government agreement and the electric power authority was on the verge of default on a $423 million bond payment due Monday.

Puerto Rico Title III Judge Laura Taylor Swain retained control over deciding about the island's sales tax bonds and diminished the Oversight Board’s role in the case at Wednesday’s hearing.

The Puerto Rico legislature approved a General Fund budget without debt service, leaving it to the Oversight Board to say where money for bond payments will come from in fiscal 2018.

The governor said the Oversight Board lacks the authority decide about staffing levels and personnel spending.

A group of Puerto Rico bondholders accused the Oversight Board and governor of minimizing the commonwealth's health in a proposed budget that is too generous to non-debt holders.

Puerto Rico’s Oversight Board sent a letter to Puerto Rico’s leaders warning of a waning resolve to deal with a dire financial situation.