Prepa Says It’s Set to Present Restructuring Plan in NYC Monday

Puerto Rico Electric Power Authority plans to meet with creditors June 1 at 9 a.m. local time at the offices of Cleary, Gottlieb, Steen & Hamilton LLP, according to a spokesman for the utility.

  • Lisa Donahue, Prepa’s chief restructuring officer, plans to present a proposal to turn around the junk-rated power provider, according to Jose Echevarria, the agency’s spokesman in San Juan.
  • Prepa’s forbearance agreement with creditors expires June 4.
  • Shannon Lynch, a spokeswoman for Cleary Gottlieb, didn’t immediately respond to an e-mail and phone message.