Puerto Rico’s Electric Power Authority Makes Full Bond Payment

Creditors of the Puerto Rico Electric Power Authority, a utility whose debt could be restructured under a new law approved by the legislature, were paid today on maturing bonds, according to a statement from the commonwealth’s Government Development Bank.

The law, which has been challenged in court, is meant to allow some government entities to shed financial obligations outside bankruptcy. A revision of Prepa’s $8.6 billion in debt would be the largest ever in the $3.7 trillion municipal-bond market.

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