PROMESA

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.

The bond parties and the Oversight Board are now arguing over the meaning of the word "account."

The judges will take written statements to decide whether to rehear the case, although petitions for rehearing are generally rejected, one observer noted.

U.S. District Judge Swain wants the parties to reach an agreement and again threatened to dismiss the case.

Some PREPA bond parties suggest the bonds should paid in full, while the board is offering around 4% to those who haven't accepted a settlement.

The board's executive director said he is unsure how much longer the PREPA bankruptcy proceedings will take.

In a separate development, the board asked an appeals court to reconsider its PREPA decision.

Puerto Rico's financial oversight board is seeking to reopen a confirmation hearing on a debt-restructuring plan for the island's power utility after an appeals court last week ruled that bondholders have a claim to the agency's future net revenue.

Observers and participants said the ruling sends a message that the municipal revenue bond pledge is strong and the Oversight Board's plan of adjustment for PREPA as it currently is proposed is unlikely to be able to stand.

Oversight Board Executive Director Robert Mujica said the only recently released fiscal 2022 ACFR showed revenues and expenditures continue to be imbalanced.