US EditionDeal to Restructure Puerto Rico Power Company Debt Crumbles as some Bondholders Walk Away
Bondholders including BlackRock ended a $9 billion debt restructuring plan after federal board changes under the Trump administration, affecting Puerto Rico's power company finances.
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Associated Press News
Deal to restructure Puerto Rico power company debt crumbles as some bondholders walk away
A plan to restructure over $9 billion in debt for Puerto Rico's power company has hit a big snag. A group of bondholders terminated their deal with a federal control board overseeing the U.S. territory’s finances.
The likelihood of confirmation of the Puerto Rico Electric Power Authority's (PREPA) Debt Adjustment Plan has diminished considerably after the public corporation's bondholder and creditor groups that had supported the agreement changed their minds…
BlackRock, Nuveen Set to Exit Puerto Rico Utility’s Debt Deal
BlackRock Financial Management, Franklin Advisers and Nuveen Asset Management are among investors planning to end a deal that would cut the debt of Puerto Rico’s bankrupt power utility after the Trump administration this month fired all but one member of the board that oversees the island’s finances.
A plan to restructure more than $9 billion in Puerto Rico's weakened power company's debt faced a major obstacle this week after a group of bondholders cancelled their agreement with a federal control board that oversees the U.S. territory's finances.
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