Puerto Rico

Some PREPA bond parties suggest the bonds should paid in full, while the board is offering around 4% to those who haven't accepted a settlement.

The board's executive director said he is unsure how much longer the PREPA bankruptcy proceedings will take.

In a separate development, the board asked an appeals court to reconsider its PREPA decision.

David Skeel said he was proud about cutting Puerto Rico's debt and stabilizing the island's finances.

Puerto Rico's financial oversight board is seeking to reopen a confirmation hearing on a debt-restructuring plan for the island's power utility after an appeals court last week ruled that bondholders have a claim to the agency's future net revenue.

Observers and participants said the ruling sends a message that the municipal revenue bond pledge is strong and the Oversight Board's plan of adjustment for PREPA as it currently is proposed is unlikely to be able to stand.

Oversight Board Executive Director Robert Mujica said the only recently released fiscal 2022 ACFR showed revenues and expenditures continue to be imbalanced.

Judges say PREPA bondholders have a lien on net revenues collected post-bankruptcy.

Resident Commissioner Jenniffer González Colón surprised incumbent Gov. Pedro Pierluisi in the New Progressive Party primary for governor.

The bond parties opposed to the plan of adjustment have already argued the Puerto Rico Oversight Board's electricity projections are too pessimistic, Judge Swain said.