PREPA Bondholder Group Announces Support for Revitalization of Utility
NEW YORK (March 2, 2016) – The Puerto Rico Electric Power Authority (PREPA) Bondholder Group today issued the following statement:
“After reviewing the amendments to the PREPA Revitalization Act in its enacted form, in accordance with the RSA, the members of the PREPA Bondholder Group have informed PREPA that they are pleased to continue moving forward with the ongoing consummation of the revitalization of PREPA.
“We look forward to working closely with PREPA leadership on the necessary documentation and other important steps to implement the revitalization, including the required timely approvals of the Energy Commission, a satisfactory court validation proceeding, and the return of the PREPA debt structure to investment grade ratings. The completion of these steps will allow PREPA to implement the revitalization that the Puerto Rico legislature worked hard to approve, and allow PREPA to reduce its debt load and provide reliable electricity to the people of Puerto Rico at stable rates for decades to come.”
By CB Staff