PROMESA

The board and its law firm O'Neil & Borges clashed with challenger Carlos Lamoutte in court papers.

The board continues to struggle with the local government on fiscal matters six years after PROMESA's passage.

Some observers of Puerto Rico politics are concerned its government continues to avoid fiscal responsibility, ignoring past mistakes that led to the bankruptcy.

The Bankruptcy Judge extended the deadline for PREPA debt negotiations to July 1 and bondholders expressed frustrations, warning they may seek full repayment if a deal is not made.

All parties except for the Unsecured Creditors Committee support the extension.

A firm representing the Oversight Board also represented firms that acquired a loan portfolio from a board-controlled entity.

The authority will takes steps to raise $1 billion to address expected growth of expenses.

The main bond classes appear to clear the two-thirds majority needed for a court endorsement.

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.