Puerto Rico

Judge Swain on Wednesday will consider the Oversight Board's proposal to commence litigation on creditor claims.

Puerto Rico's Fiscal Agency and Financial Advisory Authority said it "is available to assist the municipalities, as financial advisor and fiscal agent of the Government, on any restructuring that it deems necessary."

The statement could be interpreted as also suggesting a restructuring of $242 million in bonds.

Judge Swain grants the mediation team's request for an extension until Sept. 16 and possibly longer.

Judge Swain may approve the amended version in the next few weeks.

But it still remains slightly higher than it was a year ago.

The board says the law will reduce economic activity and government revenues.

The team now wants the option to continue discussions through September.

Judge gives Puerto Rico Oversight Board until next week to submit a plan of adjustment.

Although he called them "excessive and arbitrary," Gov. Pedro Pierluisi agreed to create a reserve fund, reduce the maximum conservation easement tax credit, and freeze implementation of a physician tax incentive.