Puerto Rico’s power utility disagrees with a proposal from bondholders to modernize the agency and fix its finances as a contract between the parties is set to expire at month-end, Bloomberg News reported on Friday.
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Puerto Rico's troubled utility, PREPA, made another withdrawal from its reserve account to make a quarterly bond payment on April 1, according to a regulatory filing posted by the utility, Reuters reported yesterday.
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.
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.
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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.