Puerto Rico Electric bondholders offer 30-day forbearance extension

By Caroline Salls

Pittsburgh, April 14 – Puerto Rico Electric Power Authority bondholders offered to extend their forbearance for 30 days, according to a news release.

The authority said the offer includes a mutual commitment to continue working on the refinement of a capital investment and rate plan for the authority, a timeline for its professionals agreeing to a work production plan and a third-party review of the work plan and information exchanges between the parties with an opportunity for public review.

As previously reported, the authority’s bondholder group released a detailed revitalization plan on April 1 that provides for nearly $2 billion in new capital for new infrastructure investment.

The plan allows the authority to generate electricity at lower and more stable rates, create hundreds of new jobs and stabilize electricity rates below the 2014 average, while continuing to service contractual debt obligations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.