Puerto Rico Governor to Extend Legislature to Address Bill
- Lawmakers failed to reach agreement on utility restructuring
- Prepa agreement calls for legistative approval by Nov. 20
Puerto Rico Governor Alejandro Garcia Padilla will convene an extraordinary session of the commonwealth’s legislature in the first week of December after lawmakers failed to address a bill he recommended that would authorize the restructuring of the island’s main electric utility.
The regular legislative gathering ended Tuesday. Under terms of a debt restructuring agreement reached earlier this month by the Puerto Rico Electric Power Authority and some bondholders, the legislature must approve the plan by Nov. 20 or investors can terminate the pact. An extension of the deadline is possible. Bondholders agreed last week to give the utility more time to negotiate with insurers who have objected to the terms. They extended preliminary talks 13 times in the past year.