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.