A collection of bondholders and insurers of Puerto Rico Electric Power Authority (Prepa) debt are banding together in their opposition to the bankrupt utility’s proposal to slash its debt by 75%, Bloomberg News reported.
Puerto Rico in Distress
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In the decade since hedge fund billionaire John Paulson took a grand gamble on Puerto Rico, he’s faced the wrath of the markets and mother nature. He’s navigated hurricanes, earthquakes, the pandemic and the largest municipal bankruptcy in U.S.
A recent decision made by U.S.
An increasing number of creditors are pushing back against a plan to cut the debt load of Puerto Rico’s bankrupt power utility by 75%, with investors and insurers accounting for $3.6 billion of the bonds set to vote against the proposal, a lawyer warned yesterday, Bloomberg News reported.