US EditionBoard rejects rate increase to help restructure debt of Puerto Rico power company
- The Executive Director of a federal control board stated it is impossible for Puerto Rico to pay the $8.5 billion demanded by bondholders in a bankruptcy case involving the power company.
- Robert Mujica Jr. revealed a new fiscal plan allowing the government to pay creditors $2.6 billion without increasing electric rates.
- The plan does not address the power company's debt of over $9 billion, and expenses are projected to be higher than in the previous fiscal plan.
- Mujica emphasized the need for investment to improve the deteriorating power grid, stating that Puerto Ricans deserve a reliable utility.
9 Articles
9 Articles
Associated Press News
Board rejects rate increase to help restructure debt of Puerto Rico power company
The executive director of a federal control board that oversees Puerto Rico’s finances says it is “impossible” for the U.S. territory to pay the $8.5 billion bondholders are demanding in a bankruptcy case involving the island’s power company.
The executive director of a federal control board that oversees Puerto Rico’s finances said it’s “impossible” for the island to pay the $8.5 billion bondholders demand in a bankruptcy trial involving the island’s electricity company.
The headline on the front page of the newspaper reads as follows: “The exit route of the Fiscal Board for 2028 has been traced.” This is an interview published on December 1, with the outgoing director of the Financial Advisory Authority and Fiscal Agency (AAFAF), Omar Marrero, in which he said that if the team of Gov. Jenniffer González Colón continues its work plan, the Fiscal Control Board can leave Puerto Rico in three years. Four days later…
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