Puerto Rico scraps debt restructuring deal for power company
Source: Associated Press
Puerto Rico scraps debt restructuring deal for power company
By DÁNICA COTO
March 8, 2022
SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor on Tuesday announced that his administration was cancelling a proposed debt restructuring deal for the island’s public power company, calling it unfeasible.
The deal had been in the works for several years and was delayed by the pandemic, with many expecting it might have been approved soon since Puerto Rico’s government is starting to emerge from bankruptcy after declaring in 2015 that it was unable to pay its more than $70 billion public debt load.
The island’s Electric Power Authority holds more than $9 billion of that debt, the largest of any government agency, and economists consider restructuring that debt key for the island’s economic progress.
Gov. Pedro Pierluisi said that the current proposed deal is neither feasible nor in Puerto Rico’s best interest.
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Read more: https://apnews.com/article/business-caribbean-puerto-rico-pedro-pierluisi-a7cfccbde0c32ee194b65cd3d9e00669