Puerto Rico

The board says the Ad Hoc Group of PREPA bondholders wrongly focused on "confirmation" issues in their attack on the board's proposed disclosure.

Low income residents of Puerto Rico won't be charged the proposed monthly fees the Oversight Board said.

The Oversight Board and the other PREPA parties are attempting to create precedent that frontally attacks not only PREPA bondholders and their insurers but also municipal revenue bond finance and basic bankruptcy jurisprudence.

Complaints include assertions the plan is unconfirmable and that it fails to offer necessary information.

"This settlement offer allows you to settle for payment in the form of new bonds of approximately half your claims," the Puerto Rico Oversight Board said.

They also came in 14% higher than those of December 2021.

The Puerto Rico Oversight Board says PREPA electric demand will decline 50% by 2051.

Mediation sessions are expected to resume in the coming weeks.

The contract is for 10 years.

Revenue were better than projected despite the Treasury Department postponing deadlines for certain taxes.