The private operator of Puerto Rico’s power grid confirmed Monday the deferral of $65 million worth of maintenance and improvement projects in the U.S. territory, with some repairs postponed for at least a year because of budget constraints, putting at risk the already troubled grid — and sparking a widespread outcry, the Associated Press reported.
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Puerto Rico’s financial oversight board is seeking to reopen a confirmation hearing on a debt-restructuring plan for the island’s power utility after an appeals court last week ruled that bondholders have a claim to the agency’s future net revenue, Bloomberg News reported.
A federal appeals court said Puerto Rico bondholders have collateral rights over revenue generated by its bankrupt public power utility, a ruling that could delay and possibly upend a planned $10 billion debt restructuring, WSJ Pro Bankruptcy reported. The U.S.
Bondholders of Puerto Rico’s bankrupt power utility are pushing for the court to increase what they stand to recover as new projections show the company’s revenue is likely to outstrip expectations due to higher electricity consumption, Bloomberg News reported. U.S.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.