PROMESA

The Supreme Court will rule on both the legality of the board members' appointments and the validity of their rulings since appointment.

The board's suit has the same cause as a frozen suit against PREPA.

The board anticipates spending $596 million for COFINA and GDB debt service.

Signed on June 30, 2016, the Puerto Rico Oversight, Management, and Economic Stability Act sent Puerto Rico’s bondholders and residents on a difficult odyssey that is far from over.

The Puerto Rico Treasury now expects 33.6% more revenue in the fiscal year than the original projection.

Without a successful appeal, Employees Retirement System bondholders won't get their bond payments during the bankruptcy.

As Sunday's fiscal deadline approaches the legislature is hammering out a budget that's $500 million bigger than the Oversight Board's plan.

If an issuer represents the validity of its bonds to investors at the time of issuance, it is barred from later denying repayment on a claim of invalidity.

German Ramirez and Richard Prann of HJ Sims talk from Puerto Rico about the situation on the island and discuss COFINA and the IRS, what's new with the GDB bonds and with the commonwealth's GOs. Chip Barnett hosts.

Puerto Rico CFO Rafael Maldonado Gautier said that some Treasury professionals have been selling influence, issuing false licenses, and trying to extort him.

They say a ruling in the Aurelius case reinforces their contention that the Puerto Rico Oversight Board is a federal body.

The U.S. Supreme Court agreed to hear a case that could upend the work of the oversight board tasked with pulling Puerto Rico out of its record bankruptcy.

The Oversight Board has reached an agreement with the Committee of Retirees that makes a flat 8.5% cut to pensions over $1,200 a month and does not change payments to the 61% of current retirees who receive monthly pensions of $1,200 or less.

The U.S. Senate has until July 14 to act.

Citing new uncertainties surrounding revenue credits, Moody's downgraded the Illinois State Toll Highway Authority ahead of a $300 million deal.

The overall recovery would be in the 36% to 38% range under its restructuring plan for $35 billion in bonds.

The PRIDCO deal would be the fifth restructuring proposed or consummated under the Puerto Rico Oversight, Management, and Economic Stability Act of 2016.

The agreement “would increase prices by up to 21%” and it’s “highly unlikely PREPA will be able to completely offset the legacy debt charges,” resulting in “considerably higher electricity rates for decades to come,” said the letter signed by four senators and 32 House members.

The Oversight Board called the deal to reduce cuts to retirees a "crucial step" toward restructuring $25 billion in bonds and loans.

The new bonds would offer about 25 basis points less in interest.