The bill passed to privatize the Puerto Rico Electric Power Authority (PREPA) does not address the utility’s fate under the bankruptcy process and would create a public energy measure separate from the utility’s proposed integrated resource plan (IRP) that is due in October, Caribbean Business News.
Puerto Rico in Distress
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A group of holders of Puerto Rican general obligation bonds said it is not ready to support a proposed deal to settle a key dispute in the U.S. territory’s $120 billion bankruptcy, Reuters reported.
Puerto Rico sales-tax-backed bonds rallied after a tentative agreement struck in the island’s bankruptcy promised to steer a large share of that revenue to owners of the securities, leaving them facing smaller losses than investors previously anticipated, Bloomberg News reported.
Representatives for holders of Puerto Rico’s general obligation (GO) bonds and “COFINA” bonds, whose debt is backed by sales tax revenue, reached an in-principle agreement to settle a long-running dispute, according to a court filing yesterday, Reuters reported.