Puerto Rico's debt-laden power authority, Prepa, said on Friday that it will hold off on presenting a restructuring plan as it tries to secure an extension of an agreement from creditors not to foreclose on its $9 billion in debt, Reuters reported.
Puerto Rico in Distress
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A bill to give Puerto Rico's ailing public utilities a way to restructure debt under the U.S. Bankruptcy Code drew skepticism from congressional Republicans but support from Democrats, who said that it would relieve the island's problems, Reuters reported yesterday.
A proposed bill to give Puerto Rico's ailing public agencies a way to restructure debts under U.S. bankruptcy law is a "Wild West" solution that would likely hurt bondholders, an adviser for major investors argued in written testimony ahead of a key congressional committee, Reuters reported today.
Puerto Rico has asked a U.S. court for a quick decision in its appeal against a federal court ruling that voided a local bankruptcy law, arguing that the decision hampers its efforts to deal with a financial emergency that could disrupt basic public services on the Caribbean island, Reuters reported on Friday.
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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.