First BanCorp Puerto Rico wants a quick win in a fight with Lehman Brothers Inc., arguing that its $63.5 million claim relating to an old swap agreement should be paid in full as a "customer" claim against the Lehman brokerage, the Wall Street Journal reported today.
Puerto Rico in Distress
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The Puerto Rico Electric Power Authority (PREPA), which has been in negotiations with lenders over its debt burden, said yesterday that it had hired the consulting firm AlixPartners to supervise its restructuring, the New York Times DealBook blog reported yesterday. The assignment will be led by Lisa J.
Candidates are being interviewed this week for the position of chief restructuring officer at Puerto Rico's struggling power authority, Reuters reported yesterday. The Puerto Rico Electric Power Authority (PREPA) must hire a CRO by Sept. 8 under an agreement with creditors as it works on developing a restructuring plan to revive the utility, which has more than $9 billion in debt.
The Puerto Rico Electric Power Authority (Prepa) struck a deal with bondholders yesterday to develop a restructuring plan to revive the debt-stricken utility as it won an extension of vital lines of credit it uses to buy oil, Reuters reported yesterday. Prepa is widely viewed to be in the weakest condition of Puerto Rico's highway, water and electricity agencies.