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.
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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.
Doral Financial Corp. wants court permission to sell its insurance arm to Anglo-Puerto Rican Insurance Corp. for $10.75 million, subject to higher bids at an auction, the Wall Street Journal reported today. Doral said in a Tuesday bankruptcy court filing that without the sale, its Doral Insurance Agency unit would likely experience a “rapid and substantial decline” in value.
General Electric would commit to financing a new natural gas plant in Puerto Rico under a debt restructuring plan proposed by creditors of the island's struggling power utility, Reuters reported today.
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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.