PROMESA

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.

Puerto Rico completed the exchange of more than $33 billion of existing bonds and other claims into $7 billion of new bonds plus cash and CVIs on Tuesday.

Restructured muni debt has "typically outperformed the broader muni market, as issuers emerge from bankruptcy with higher debt-servicing capacity and the debt re-enters the municipal high-yield index," noted PIMCO.

The ruling means the restructuring set for Tuesday will proceed.

The judges appeared skeptical about the need for a stay.

Judge Laura Taylor Swain says the termination of the PREPA deal could be a "major setback" to adjusting the authority's liabilities.

While the governor is hoping for a deal that would be cheaper for Puerto Rican consumers, the result may be the opposite, critics say.

A group of bondholders and bond insurers also submitted on Sunday a statement opposing the teachers’ request for stay.

The teachers are trying to prevent enactment on March 15.

Puerto Rico teachers' associations are trying to delay the March 15 enactment of the Plan of Adjustment while they appeal it.

The restructuring is on track to occur March 15, officials said.

The governor wants the current deal revised and to be able to participate in any mediation talks. Bond insurers, the Unsecured Creditors Committee and authority’s fuel line lenders also want to be included.

The board also says the bondholders' proposed deadlines for completing a restructuring are too tight.