PROMESA

The Oversight Board's effort to confirm a "a legally infirm cramdown plan is patently flawed and will add years of litigation," the bondholders said.

The bankruptcy judge planned a hearing on the topic for March 19.

They say the reasons the court had given to continue the stay are no longer valid.

They say if the board continues its current approach there will be years more of litigation with outcomes showing the board's positions are "baseless."

The executive director of the Puerto Rico Oversight Board suggested non-settling bondholders might be offered recoveries of about 4% of the principal due.

U.S. District Court Judge Laura Taylor Swain extended the bankruptcy's litigation stay to March 24 as mediators expressed hope about progress on a deal.

The decision, when issued, could have implications for other Puerto Rico bond restructurings.

The court has left in place its decision affirming the bondholders lien on net revenues.

The continued delay in resolving the case raises constitutional concerns, a bondholder attorney said.

Calling it a "tragedy" for residents, without a negotiated setllement resolution could be years away, mediators said.

PREPA says it is short on money and Genera's parent company has said it may go out of business.

After losing its first appeal, the Puerto Rico Oversight Board initiated a second appeal with the First Circuit Court of Appeals.

The court affirmed its earlier decision, which means bondholders have a claim on the full $8.5 billion due.

Some analysts question how much a leftist governor would impact financial and bond issues.

Oversight Board says the non-consenting bondholders ideas are "not a proposal."

Puerto Rico's electric reliability is likely to continue to deteriorate without access to the capital markets, the investors said.

The study also projected a $1.475 trillion loss to productive infrastructure by 2050.

The plan involves building modern infrastructure and streamlining government operations and delivery of services.

Current Members Andrew Biggs and John Nixon will be reappointed for another three years.

The bondholders have a lien on what has been received and not on what will be received, according to the Oversight Board and Unsecured Creditors.