Energy
Puerto Rico Mediators Seek Debt Plan for Power Utility in Two Months
- Mediators want confirmation hearing on Prepa debt deal by June
- Prepa and creditors will face off in court on Wednesday
The Puerto Rico Electric Power Authority Palo Seco Power Plant in Toa Baja.
Photographer: Alex Wroblewski/BloombergThis article is for subscribers only.
A court-appointed mediation team overseeing negotiations between Puerto Rico’s bankruptcy power utility and its creditors wants a new debt restructuring proposal filed within 60 days and a confirmation hearing to be held no later than June.
The mediation team is seeking a new round of debt talks after the Puerto Rico Electric Power Authority and its creditors and a Congressionally appointed financial oversight board last week failed to reach a deal on how to restructure $9 billion of debt. Establishing the deadlines will help the parties negotiate, the mediation team wrote in a court filing Thursday.