Puerto Rico Approves Electric Utility Restructuring Bill
- Governor Alejandro Garcia Padilla signed bill into law
- Restructuring agreement with creditors was set to expire
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Puerto Rico lawmakers have approved legislation to allow the island’s main electric utility to restructure almost $9 billion of debt, a key step in the commonwealth’s efforts to resolve its fiscal crisis.
The legislation authorizing a mechanism to restructure the Puerto Rico Electric Power Authority’sdebt was signed late last night by Governor Alejandro Garcia Padilla after being passed by the House of Representatives and Senate, according to the governor’s spokesman. A debt-reduction agreement between the agency known as Prepa and its creditors was set to expire Tuesday absent passage of the bill. The House of Representatives passed it Monday and sent it back to the Senate for final concurrence.