Board offers $3B settlement to restructure Puerto Rico power company debt
The new proposal is $1.4 billion higher than before and would pay cash plus new bonds to unresolved claimants.
- On Tuesday, a federal board overseeing Puerto Rico's finances offered a $3 billion settlement to bondholders, aiming to restructure more than $10 billion in debt held by the Electric Power Authority.
- Since 2015, when Puerto Rico announced it could not pay its more than $70 billion debt load, the territory has navigated bankruptcy; Congress created the oversight board in 2016 to manage restructuring efforts.
- The proposal represents $1.4 billion more than previously offered to creditors seeking some $8.5 billion in claims, while the board has completed 12 debt restructurings eliminating more than $55 billion in payments over 40 years.
- Some residents worry the settlement's funding could trigger higher power bills as chronic outages persist, though the board has not yet identified a financing source for the proposal.
- Robert Mujica, the board's executive director, stressed that restructuring the debt is "essential to Puerto Rico's recovery," emphasizing the reliable electricity that residents and businesses deserve.
19 Articles
19 Articles
The Fiscal Control Board disclosed a $3 billion offer to bondholders of the Puerto Rico Electric Power Authority (PREPA) to try to resolve the public corporation's bankruptcy under Title III of PROMESA.
Associated Press News
Board offers $3B settlement to restructure Puerto Rico power company debt
A federal control board that oversees Puerto Rico’s finances says it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory’s power company.
Federal board offers $3B settlement to restructure Puerto Rico power company debt
A federal control board that oversees Puerto Rico’s finances says it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory’s power company.
A federal board that oversees Puerto Rico's finances announced Tuesday that it offered a $3 billion deal to bondholders, in a new push to finally restructure more than $10 billion in the island's electricity company's debt.
The Fiscal Control Board (JCF) announced on Tuesday an offer of $3 billion to bonists of the Electric Power Authority (EEA) to try to resolve the bankruptcy of the public corporation under Title III of PROMESA. “We have to resolve the bankruptcy of the ESA,” said Robert Mujica, executive director of the JCF, in written statements. The offer, presented on June 1, in mediation, provides for a cash payment, the issuance of new bonds, or a combinati…
The Fiscal Control Board announced on Tuesday an offer of $3,000 million to bonists of the Electric Energy Authority (EEA) to try to resolve the bankruptcy of the public corporation under Title III of PROMESA. “We have to resolve the bankruptcy of the ESA,” said Robert Mujica, executive director of the Fiscal Board, in written statements. The offer, presented on June 1st in mediation, provides for a cash payment, the issuance of new bonds, or a …
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