Puerto Rico’s bankrupt power utility and its creditors squared off in court Monday on whether bondholders have a legal right to the electricity provider’s future revenue, Bloomberg News reported.
Puerto Rico in Distress
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More than a dozen U.S. state attorneys general are backing an appeal by creditors of the Puerto Rico Electric Power Authority seeking to challenge a bankruptcy ruling that sharply limits their revenue claims, Bloomberg News reported. U.S.
Contract Between Puerto Rico's Government and Coal-Fired Plant Operator Leaves Residents in the Dark
A proposed amended contract between Puerto Rico’s government and the operator of a coal-fired power plant accused of contaminating low-income communities on the island drew scrutiny Monday during a heated public hearing, the Associated Press reported.
Puerto Rico’s bankruptcy created some debt securities that don’t pay interest, but still managed to deliver an almost $400 million windfall to investors this month, Bloomberg News reported.