Puerto Rico Power Bonds Rally as Creditors Seek to Repair System
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Bonds of Puerto Rico’s struggling power utility rallied to the highest in more than year as the agency and its creditors hammer out proposals to repair its finances.
Some debt of the junk-rated authority, called Prepa, gained after creditors last week submitted a $2 billion plan that would help diversify fuel sources to stabilize energy costs. Prepa expects to release its own proposal in the next two months, Lisa Donahue, the agency’s chief restructuring officer, told Reorg Research in an April 8 article.