Puerto Rico’s public agencies should be able to seek bankruptcy, Jeb Bush, a probable presidential candidate, said yesterday during a visit to the U.S. territory, Bloomberg News reported yesterday. Commonwealth officials are promoting a bill that would enable some agencies to access chapter 9 under federal bankruptcy law.
Puerto Rico in Distress
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Puerto Rico’s power utility disagrees with a proposal from bondholders to modernize the agency and fix its finances as a contract between the parties is set to expire at month-end, Bloomberg News reported on Friday.
Puerto Rico's troubled utility, PREPA, made another withdrawal from its reserve account to make a quarterly bond payment on April 1, according to a regulatory filing posted by the utility, Reuters reported yesterday.
Puerto Rico’s junk-rated electric utility gained 15 more days to negotiate with creditors as it struggles to repair its finances, Bloomberg News reported yesterday. The Electric Power Authority, called Prepa, said Wednesday that creditors agreed to extend to April 30 an accord that pushes off default.