A federal judge on Wednesday ordered a fresh round of mediation talks aimed at restructuring more than $8 billion in debt held by Puerto Rico’s power company as it struggles to recover from Hurricane Fiona, the Associated Press reported. In addition, U.S.
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Hurricane Fiona hit southwestern Puerto Rico with 85 mph (140 kph) winds on Sept. 18 and the broad storm unleashed flooding across the island, which still had not recovered from 2017′s Hurricane Maria, a stronger cyclone that slashed across the U.S. territory, obliterating the power grid, which had since been patched but not fully rebuilt, the Associated Press reported.
A court-appointed mediation team overseeing negotiations between Puerto Rico’s bankruptcy power utility and its creditors wants a new debt restructuring proposal filed within 60 days and a confirmation hearing to be held no later than June, Bloomberg News reported.
Puerto Rican officials are re-examining a controversial deal to put private operators in charge of electricity service as the island territory’s power system faces another costly reconstruction and renewed fights with investors, WSJ Pro Bankruptcy reported.