Puerto Rico's power authority PREPA has reached a deal with its lenders to restructure $700 million in matured debt, a significant step in turning around the utility after it clinched a deal with bondholders earlier in September, Reuters reported yesterday. Finding a solution for PREPA has been seen as a critical test for the U.S.
Puerto Rico’s main electricity provider, PREPA, failed to extend a contract with its bond insurers that has given the power company time to negotiate a way to restructure its $8.3 billion of debt, Bloomberg News reported on Saturday.
The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.
