Puerto Rico Sales Tax Financing Corp (COFINA)

A Biden executive order may lead to the expansion of a central Puerto Rico industry — pharmaceuticals.

The pandemic and the resultant lockdowns have hit employment in the 50 states worse than they have on the island, which saw a 1.6% decline.

The First Circuit said Puerto Rico credit unions did not take appropriate timely steps to challenge the bond restructuring.

Reducing tax fraud is one of the goals of the fiscal plan approved by the Puerto Rico Oversight Board in May.

Net revenues in the first six months were $5.19 billion. Without postponed income tax revenues from the prior fiscal year, this figure would have been $4.711 billion.

Puerto Rico private sector employment had an even more serious contraction in 2020 on the island than it did in the United States as a whole.

The judges found the appellants had failed to seek stays or appeals of the approved bond restructuring — on about $17.6 billion of debt — in a timely fashion and the plan had advanced well beyond the point where it could be practically undone.

The board aims to improve transportation resources on the island.

Bondholders complain about lack of resolution and payment, and hitting 'deal exhaustion,' but some stakeholders are hopeful for a resolution this year.

The Economic Activity Index was down 0.4% from October.

Ambac says that PROMESA is against the Constitution's call for uniform bankruptcy codes.

Even with the November increase, General Fund Revenues collected from July to November were 5% below those of 2019.

The aid is in response to Hurricanes Irma and Maria, which hit the island more than three years ago.

The board wants to increase tax compliance, spend more on healthcare capital projects, and advance the release of CAFRs, among other things.

The Supreme Court decision in the Aurelius case that the Oversight Board was a local entity affected the U.S. Court of Federal Claims' decision.

But the economy is still significantly smaller than it was a year ago.

A majority of the new Oversight Board members may be more creditor friendly.

Surveys show employment was up as much as 7% in September from April.

Collections were ahead of Oversight Board's May projections but behind figures for 2019.

Puerto Rico's FAFAA and bond insurer Ambac also call for rejection of a bondholder proposal for deadlines to approve a plan of adjustment.