Puerto Rico’s financial oversight board filed a plan to restructure about $9 billion of power utility debt after failing to reach a deal with bondholders, signaling the agency’s five-year bankruptcy will take even longer to resolve, Bloomberg News reported.
Puerto Rico in Distress
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Luma Energy won approval from Puerto Rico’s financial oversight board for a contract extension to run the island’s government-owned power grid amid criticism that the historically fragile electric system remains unreliable, Bloomberg News reported.
Puerto Rico’s bankrupt public electric utility, which powers most of the island, faces a Dec. 1 deadline to file a debt-cutting proposal to the court, a time limit that could prove a turning point in its five-year workout, Bloomberg News reported.
A Canadian-American consortium swept into Puerto Rico last year with promises to transform the island’s antiquated power grid. Many residents welcomed the change, tired of subpar service from a state-run utility that left them in darkness for months after a strong hurricane five years ago.
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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.