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Puerto Rico approves key bill for PREPA deal
Feb 16 2016, 02:19 ET | By: Yoel Minkoff, SA News Editor Contact this editor with comments or a news tip
Puerto Rico's House of Representatives has approved a bill aimed at overhauling the island's troubled power utility PREPA, pushing the agency a step closer to finalizing a deal with creditors to rearrange more than $8B of debt before a key deadline.Under terms of the restructuring, bondholders would accept a 15% cut to repayments, but could could walk away from the deal if it isn't enacted by midnight on Tuesday.
Feb 16 2016, 02:19 ET | By: Yoel Minkoff, SA News Editor Contact this editor with comments or a news tip
Puerto Rico's House of Representatives has approved a bill aimed at overhauling the island's troubled power utility PREPA, pushing the agency a step closer to finalizing a deal with creditors to rearrange more than $8B of debt before a key deadline.Under terms of the restructuring, bondholders would accept a 15% cut to repayments, but could could walk away from the deal if it isn't enacted by midnight on Tuesday.