Puerto Rico’s bankrupt utility, the Puerto Rico Electric Power Authority (PREPA), is nearing a debt deal with bondholders as it works to restructure nearly $9 billion of debt. BlackRock Financial Management and Taconic Capital Advisors are expected to reach a settlement with Puerto Rico’s financial oversight board regarding how to restructure PREPA’s debt. The board has already reached a tentative agreement with investors holding significant amounts of the utility’s debt. However, PREPA still needs the majority support of its creditors for the plan to proceed. Some bondholders and insurers have objected to the proposal, claiming exclusion from the negotiations. The level of creditor support will determine whether U.S. District Judge Laura Taylor Swain approves the deal. The debt restructuring plan aims to revitalize PREPA’s struggling economy and modernize its power grid.
Puerto Rico’s Bankrupt Utility Nears Debt Deal with Bondholders, Struggles to Secure Majority Support
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