PROMESA

In question is FAFAA's findings of fact and conclusions of law, which bondholders say was unauthorized.

There is no timetable for rulings in bankruptcy case or appeal of lien rulings, which could lead to months of additional work on a new payment plan.

Bond parties want several creditor classes' votes in favor of the plan of adjustment to be disqualified.

The separate settlements some bond parties have reached with the Oversight Board "dramatically violate" the trust agreement, the trustee's attorney said.

The Oversight Board approved the restructuring of PREPA power supplier AES's municipal bonds as arguments begin in the plan of adjustment hearing.

The goverment must address expected fiscal challenges or bond payments after 2031 are in jeopardy.

U.S. District Judge Laura Taylor Swain said she would consider the motion during a scheduled May 22 bankruptcy hearing.

If the appeals court rules for them, the bond parties say, a new plan of adjustment may be needed.

The court is considering whether the original PREPA trust agreement gave bondholders a lien on all revenues, which they argue should extend beyond the debt restructuring, or only on the money the authority deposited in its reserve fund.

While this appeal was rejected, the panel suggested bondholders could immediately file a new motion for relief.