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Puerto Rico Governor Asks to Renegotiate Power-Company Debt Plan

  • Pierluisi says Prepa’s agreement needs to be revisited
  • Island’s legislature says a 2019 deal is no longer viable
The Prepa Palo Seco Power Plant in Toa Baja, Puerto Rico.

The Prepa Palo Seco Power Plant in Toa Baja, Puerto Rico.

Photographer: Xavier Garcia/Bloomberg

Puerto Rico Governor Pedro Pierluisi said he’s in favor of renegotiating a 2019 deal that would pull the island’s public power company, Prepa, out of bankruptcy and repay billions to bondholders.

During a meeting of the Financial Oversight and Management Board Friday, Pierluisi said conditions in the U.S. territory of 3.3 million people had changed significantly since the restructuring support agreement, or RSA, was hammered out three years ago.