Bankers Assoc. asks gov’t to uphold PREPA restructuring

Written by  //  April 14, 2016  //  In-Brief  //  No comments

Zoimé Álvarez-Rubio

Zoimé Álvarez-Rubio

The Puerto Rico Bankers Association said Wednesday the government’s decision to include Puerto Rico Electric Power Authority in the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act could jeopardize the closing this year of the consensual restructuring support agreement.

Zoimé Álvarez-Rubio, the nonprofit’s executive vice president, called on both the Legislature and the government to amend the law to address the issue while requesting that the commitment to complete the process of restructuring PREPA is upheld.

“We call upon the government to uphold its commitment to complete the process of PREPA’s reorganization and restructuring,” said Álvarez-Rubio.

During the most recent debate of the PREPA Revitalization Act , the Bankers Assoc. endorsed and expressed its full support for the approval of the measure as the organization and its members firmly believe that a restructuring of PREPA is an essential step that the government has to complete to pursue a sustainable and achievable plan for economic development, she said.

“With the approval of the Revitalizing Law on Feb. 16, 2016, the government recognized the constructive efforts and major public investments made by all parties during the past 18 months to reach the RSA,” said Álvarez-Rubio, adding the agreement allows the no interruption of services and improvement of PREPA’s infrastructure.

“A restructured PREPA is vital to any plan that seeks to restore integrity and fiscal soundness of Puerto Rico,” she said.

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