PROMESA

Christian Sobrino Vega takes over directorship of the agency in charge of debt restructuring from Gerardo Portelo Franco,

A new preliminary restructuring deal between the Puerto Rico Electric Power Authority and its creditors is a positive step for bondholders in a post Hurricane Maria world, according to analysts.

Puerto Rico has released three key reports since July 10.

But Eduardo Bhatia, minority leader of the Puerto Rico Senate, said he welcomes the proposal for $7.5 billion in debt relief.

The U.S. Territorial Relief Act of 2018 would give territories the option to terminate their debt obligations while authorizing $7.5 billion in federal funds to compensate mainland creditors who are individual investors, trade unions, pension plans, and open-end mutual funds.

“I realize the urgency of the situation,” U.S. District Court Judge Swain said at the end of the Title III bankruptcy hearing in San Juan.

Governance issues are likely to remain regardless of how Judge Laura Taylor Swain rules on Gov. Ricardo Rosselló's adversary complaint

It’s a big week for Puerto Rico with court action taking place on the island and Congressional hearings being held in D.C.

June's unemployment rate was the lowest monthly rate since at least 1975.

The previous named director and four board members resigned last week.

Members of Congress and market observers were divided over the ramifications of Friday's court opinion that the U.S. is liable for debt cuts mandated by the Oversight Board.

U.S. Court of Federal Claims Chief Judge Susan Braden carved a legal path for holding the federal government liable for cuts to Puerto Rico bonds.

The judge dismissed Aurelius' argument that the U.S. Constitution had prohibited the means used to appoint the oversight board members.

Governor is setting up the appointment of a new executive director at a salary lower than one announced Wednesday.

The action follows a resignation by the PREPA executive director and pressure from the governor.

The board has claimed its policies must be followed to make money available for bond payments.

Walter Higgins plans to submit his resignation because an unexpected family incident will keep him out of Puerto Rico, the governor said.

Bondholders have long complained about the local government's lack of timely and accurate financial information.

The board responded that it would vigorously defend its budget and fiscal plan.

Governor Ricardo Rossello called for an extraordinary session of the legislature in a bid to make the island more attractive for investment by peeling back worker protections.