Puerto Rico

The Natural Resources Committee has indefinitely delayed the vote that was planned for Thursday on the Puerto Rico bill as its members, Treasury Department officials and other stakeholders continue to try to address the concerns raised about the measure and change its provisions to ensure they can get enough votes to pass it.

The House Committee on Natural Resources is moving forward with a bill to help Puerto Rico that loosens provisions regarding the oversight board but still keeps the cram down and debt litigation moratorium portions of an earlier version that drew criticism.

Standard & Poor's has declared the Government Development Bank for Puerto Rico in "selective default" because the governor has partially frozen account withdrawals.

Puerto Rico offered a revised restructuring proposal to bondholders that includes paying more annually and extending the maximum maturity of debt by 18 years.

Several prominent Puerto Rico politicians are working to exempt about 46% of the commonwealth’s debt from the debt payment moratorium signed Wednesday.

PREPA’s Revitalization Corp. submitted proposed securitization charge-setting mechanisms to the Puerto Rico Energy Commission.

The House Natural Resources Committee is expected to release a revised version of its Puerto Rico bill on Monday, including a modification designed to avoid a constitutional challenge if the legislation is enacted, sources said.

The Puerto Rico Electric Power Authority said that its restructuring agreements with its creditors still are on track after the island government adopted a law allowing a debt payment moratorium.

Puerto Rico officials clashed with investors Wednesday as the government enacted a moratorium on paying the territory’s $70 billion of public debt.

Bond holders and analysts criticized Puerto Rico’s proposed debt payment moratorium, saying it would bog down the territory in constitutional challenges.