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02

Puerto Rico’s Oversight Board Seeks Bankruptcy for Power Company

By Tony Seruga

Bonds tumbled on speculation bondholders face deeper losses
Request to U.S. board comes after restructuring deal rejected

Puerto Rico’s federal oversight board voted unanimously to allow for the government’s electric utility to file for bankruptcy after rejecting a longstanding debt-restructuring agreement with creditors, threatening to impose steep losses on bondholders and insurance companies.

The decision promises to upend years of negotiations by the Puerto Rico Electric Power Authority, known as Prepa, with hedge funds, mutual funds and bond-insurance companies to find an out-of-court solution to reduce the utility’s obligations and modernize its system…

Puerto Rico’s Oversight Board Seeks Bankruptcy for Power Company

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