Puerto Rico board submits third plan in attempt to restructure power company debt of $10 billion
Lawyers have filed a new plan for restructuring $10 billion in debt owed by Puerto Rico’s power company in the latest attempt to end a lengthy bankruptcy process marked by acrimonious negotiations
SAN JUAN, Puerto Rico (AP) — A new plan for restructuring $10 billion in debt owed by Puerto Rico’s power company was filed late Friday in the latest attempt to end a lengthy bankruptcy process marked by acrimonious negotiations.
The plan filed by a federal control board that oversees the U.S. territory’s finances would cut the debt of Puerto Rico’s Electric Power Authority by nearly 80% to some $2.5 billion.
“We hope that we will be closing not just the chapter but most of the book on the largest public sector bankruptcy in the United States,” Robert Mujica, the board’s executive director, said in a meeting with reporters.
If confirmed by a federal bankruptcy judge, the plan would mean an increase in already high power bills for many people on the island if the new charge is approved by Puerto Rico’s Energy Bureau.
