Judge seeks Puerto Rico power company debt restructuring
- Sep 28, 2022 5:39 pm GMT
The board warned earlier that any expenses linked to debt repayment would be passed along to the power company’s 1.47 million clients.
The board also was ordered to file a debt-restructuring plan for the island’s
A spokeswoman for the board said it did not have immediate comment.
The rulings come as more than 311,000 customers remain without power more than 10 days after Fiona slammed into Puerto Rico’s southwest tip as a Category 1 storm, sparking an island-wide blackout. Several hospitals also remain connected to generators.
“It is totally unacceptable,” said Manuel Calderón Cerame, spokesman for the main opposition
Fuel disruptions have forced grocery stores, gas stations and other businesses to temporarily close as the demand for diesel to feed generators grows. Hundreds of schools also remain shuttered.
Government officials have vowed to try and restore power to 91% of clients by Friday as they push to restructure the power company’s debt.
In early March, Pierluisi had announced that his administration was scrapping a proposed debt restructuring deal because it was not favorable to the island’s economy or the power company’s clients.
On Wednesday, the judge denied their request.
A spokesman for the bondholder group did not immediately return a message for comment.
The power company holds the largest debt of any of Puerto Rico’s government agencies, and it is one of two agencies whose debt has not yet been restructured more than five years after the
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