PROMESA

The authority currently projects $169 million in losses over three months, though FAFAA says it won't be that bad.

The territory has to respond to a change in U.S. tax policy that will eliminate a substantial source of revenue.

Teachers petition court for a rehearing before the full appeals court panel of judges.

The local government's bond restructuring law specified the tax was to go to the General Fund starting on March 15.

Holders of $4.3 billion of HTA bonds will receive $1.2 billion of new bonds with 5% coupons and $389 million of cash.

With the ink still drying on the central government restructuring, analysts give takeaways from Puerto Rico's bankruptcy. Some point to credit fundamentals, others to lack of willingness to pay, as key drivers of the bankruptcies.

Issue is disposition of $1 billion to $2 billion of Puerto Rico government funds.

In a win for the Oversight Board and bondholders, an appeals court shut down a teachers' associations challenge, but another case challenging the plan has yet to be decided.

The board says the governor will have to make many changes to its budget.

Revenues were also up compared to the Oversight Board's projection made on Jan. 27.

Several additional steps would be needed before the private operator of the transmission and distribution grid would be removed.

The Oversight Board says an adversary complaint affecting HTA claims remains active, contradicting a statement made to the court last month.

The measure would cut the number of balanced budgets needed for the island to achieve fiscal independence.

A blackout that affected almost all of Puerto Rico Wednesday still had more than half of Puerto Rico Electric Power Agency customers without electricity Friday.

Some say judge's goal of a May 2 plan of adjustment seems increasingly unlikely.

The commonwealth's unemployment rate hit a record low in February.

The board said the projects will result in up to $387 million of savings over a 15-year period.

Some critics say relying on federal aid may obscure the underlying problems Puerto Rico faces in the longer term as it emerges from bankruptcy.

Any new debt deal already would require rate increases to cover debt service on the authority’s roughly $9 billion of debt.

Swain said several mediators involved in the central government's plan of adjustment are unavailable for the PREPA deal. The Oversight Board says the local legislature will not be included in the negotiations.