Puerto Rico

Puerto Rico’s government and public bodies missed more bond payments Wednesday as the island remained mired in a debt crisis.

Two Puerto Rico residents are firing back at UBS, saying the firm's challenge in federal court of an $18 million Financial Industry Regulatory Authority arbitration award over losses in Puerto Rico bonds is "a hopeless and baseless attempt at an unwarranted do over."

The Puerto Rico Oversight Board extended the stay on debt-related litigation to May 1 and the deadline for the governor to submit a 10-year fiscal plan to Feb. 28.

The Puerto Rico Senate approved a measure for a June referendum on Puerto Rico’s political status.

The Puerto Rico Oversight Board holds its fourth official meeting Saturday, faced with a disagreement with the new governor over what should be in the commonwealth’s ten-year fiscal plan and escalating discord among local politicians.

Puerto Rico Gov. Ricardo Rosselló approved extending a tax that is providing 25% of the commonwealth’s revenues and had been planned to sunset in calendar year 2018.

Puerto Rico Gov. Ricardo Rosselló rejected the Oversight Board’s demands for quick and deep austerity measures.

The Puerto Rico Oversight Board said a 79% reduction in payments may be in store for bondholders in fiscal 2019.

The Puerto Rico Oversight Board told Puerto Rico Gov. Ricardo Rosselló to make $4.5 billion of spending cuts and revenue increases annually as part a five-year fiscal plan.

A federal court handed a victory to holders of Puerto Rico Employment Retirement System bonds Tuesday, one of bondholders’ first legal victories since Puerto Rico started defaulting about a year ago.