PROMESA

Board says it it will sue those who held at least $2.5 million of the challenged bonds from May 2013 to May 2017.

The board says it will file law suits seeking to claw back funds from bondholders before the end of Thursday, May 2.

Judge Swain's ruling complicates the Puerto Rico Oversight Board's effort to recover payments on $6 billion of bonds that the board deems to have been illegally sold.

The Oversight Board in its fiscal plan had projected a 5.06% population drop after the 2017 hurricanes; the Census Bureau found a 3.9% decline.

They say that the Oversight Board has shown itself to be slow and obstructionist in attacking illegitimate bonds and prosecuting guilty parties.

January revenue beat the original budget projection by 36%, raising hopes that there will be more money to pay bondholders as the island's debt is restructured.

Ambac and FGIC filed motions in support of the Puerto Rico Oversight Board's effort to declare illegal $6 billion of the commonwealth's bonds.

The firms are saying they shouldn't have to participate in the disclosure, which could lead to a clawback of bond payments.

One group of GO holders says that pre-fiscal 2012 guaranteed debt should have higher priority for repayment than the newer bonds.

Assured Guaranty indicated it is interested in reaching a deal on PREPA bonds rather than continuing its quest for a PREPA receiver.

The proposed 2020 budget has $139 million for the payment of debt.

The step is said to be unprecedented in the history of Chapter 9 bankruptcy.

Twenty-three members of Congress are urging the Oversight Board to pull back the bonds' underwriting and other fees.

The board acknowledged Puerto Rico is in compliance with the fiscal 2019 budget, even as it wrangles with the local government over next year's plan.

Puerto Rico governor signs measure for shift to renewable energy.

If the ruling holds, analysts said special revenue bonds may have to be re-evaluated based on the general credit of the issuer.

The House Natural Resources Committee has scheduled a May 2 hearing to examine the successes and failures of PROMESA.

1st Circuit judges upheld the bankruptcy court's ruling that payment of special revenue bonds is voluntary.

As the board wrangles with local officials over the budget, neither the federal courts nor the executive branch have taken action to address a legal challenge to its authority.

A motion in Title III bankruptcy court by holders of $4 billion of PBA bonds may thwart an effort by the Oversight Board to nullify $6 billion of general obligation bonds.