A federal judge on Tuesday tentatively approved a portion of the newest plan to restructure $10 billion of debt owed by Puerto Rico’s power company amid heated negotiations between creditors and the U.S. territory’s government, the Associated Press reported.
Puerto Rico in Distress
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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.
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.