The Puerto Rico Electric Power Authority (PREPA) needs to get insurance companies that guarantee a portion of the utility’s debt against default to endorse a conditional restructuring agreement by Thursday to avoid the risk of the deal with bondholders falling apart, Bloomberg reported yesterday. If MBIA Inc., Assured Guaranty Ltd. and Syncora Guarantee Inc.
Puerto Rico in Distress
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The Obama administration has devised a plan to help rescue Puerto Rico from its insolvency and, according to a report in The Hill today, it's more sizzle than steak, with no chance of enactment.
Republican presidential candidate Ben Carson endorsed statehood for Puerto Rico at a Sunday campaign event on the island, CNN reported yesterday. "In a Carson administration, I will leave no stone unturned in my efforts to secure this important step in Puerto Rico's history — establishing Estado 51," said the retired neurosurgeon.
The Puerto Rico Electric Power Authority, the island’s main electricity provider, has entered into a debt-exchange agreement with some of its bondholders and hedge funds that puts the utility a step closer to reducing its $8.3 billion debt load, Bloomberg News reported yesterday.
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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.