PROMESA

Gov. Wanda Vázquez García's support for pension cuts that had been opposed by her predecessor is seen as "a strong positive" for the debt restructuring.

The Puerto Rico Oversight Board filed a proposed plan of adjustment Friday that would reduce the commonwealth’s debt obligations by 60% and establish a roadmap to exit bankruptcy.

With a meeting on the restructuring set, bondholders were girding for battle over the board's plan to nullify portions of the debt.

Moody's action followed Fitch putting the authority on ratings watch negative on Friday.

The household employment survey showed good economic news, while other measures were mixed.

The islands' representative to Congress called for the local government to declare an emergency, possibly affecting $633 million of WAPA debt.

Amending the law that established an oversight board for restructuring Puerto Rico’s debt looks like a tall order.

The gain was led by a 53% jump in revenue from the Act 154 excise tax, which is due to be phased out.

The proposed change would create a hurricane reconstruction coordinator. an audit of the island’s debt, and federal funding for the Oversight Board.

Treasury Secretary Steve Mnuchin said Puerto Rico will have to look for an alternative to the Act 154 tax.

Lawyers say relations between the governor and the Oversight Board have improved with the new governor.

Two contracts worth $1.8 billion were improperly awarded to Cobra for its work restoring electricity, the U.S. Attorney's office said.

Bond insurers National and Syncora agreed to back the Puerto Rico utility's restructuring plan, bringing support to more than 90%.

The unsecured creditors want to prevent GDB successors from making $578 million of claims against central government.

The mediation, initiated six weeks ago to resolve disputes over almost $25 billion of bonds, has yet to address the core issue of legality of some of the debt, according to a bondholder familiar with the process.

The Puerto Rico Oversight Board may have a stronger case to declare bonds invalid than the Illinois litigants did.

U.S. Court of Claims Judge Richard Hertling said Tuesday he would issue the stay because he expects key rulings by the Supreme Court and an appellate court.

Judge Laura Taylor Swain sided with the Oversight Board as it sues the local government to comply with its fiscal plans.

CDBG mitigation is a new program to support communities for events that are likely to occur rather than recovery from events that have already occurred. Some disaster recovery funds have been used in the past for mitigation.

She also names Elí Díaz Atienza to fill the role as her representative to the Oversight Board.