Puerto Rico

Bankruptcy judge extends plan of adjustment deadline to Dec. 21.

The island expects federal government funds to provide the lion's share of its resources in 2021-2025.

Puerto Rico bankruptcy Judge Laura Taylor Swain approved the Oversight Board's request for five more days.

The bond issuance was one step of several taking place Tuesday stemming from the court approval of the HTA plan of adjustment, which reduces HTA's $6.4 billion of total claims by more than 80%.

Their support of a plan of adjustment could be key to winning approval from Bankruptcy Judge Swain.

The mediation team asked the Oversight Board to submit delayed data and analyses by end of business on Friday.

The current contract with the operator of the Puerto Rico Electric Power Authority's transmission and distribution system has been temporarily extended until a debt deal gets done.

At stake was the treatment of nearly $1 billion of Puerto Rico bonds and notes.

PREPA bondholders' filing cites the Bankruoptcy Code, the PREPA Trust Agreement and other documents.

Had the teachers' challenge succeeded, the cost to Puerto Rico could have been $1 billion. A challenge to the plan from credit unions is before the First Circuit Court of Appeals.