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.
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The Treasury Department is quietly stepping up its involvement in Puerto Rico, an indication that the island’s financial problems, which have been simmering for years, are reaching a critical point, the New York Times reported today.
Bonds of Puerto Rico’s struggling power utility rallied to the highest in more than year as the agency and its creditors hammer out proposals to repair its finances, Bloomberg News reported today. Some debt of the junk-rated authority, called PREPA, gained after creditors last week submitted a $2 billion plan that would help diversify fuel sources to stabilize energy costs.
A judge yesterday said that Doral Financial Corp. could auction off its insurance arm with a $10.75 million bid by Anglo-Puerto Rican Insurance Corp. serving as the lead offer, the Wall Street Journal reported today. Bankruptcy Judge Shelley C.
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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.