A group of bond investors is expected to back a new restructuring plan for Puerto Rico’s power utility but would have to contend with other creditors that want to keep fighting for a better deal, the Wall Street Journal reported.
Puerto Rico in Distress
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Puerto Rico’s bankrupt utility, which needs to restructure nearly $9 billion of debt, is closing in on a deal with at least two bondholders as soon as this Friday, Bloomberg News reported.
Ritzy hotels and luxury restaurants are sprouting up along Puerto Rico’s white-sand beaches and crystalline waters. Hedge fund executives and crypto exiles are moving in, lured by lucrative tax breaks. But it’s the hum of privately owned generators that make those lifestyles possible, and shield this set of the island’s inhabitants from the reality experienced by the vast majority.
Puerto Rico’s bankrupt power utility reached a tentative agreement with a “substantial number” of its bondholders, according to a federal oversight board, and received another week to finalize a potential deal to reduce nearly $9 billion of debt, Bloomberg News reported. U.S.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.