Bankers Assoc. backs approval of PREPA overhaul bill

Written by  //  February 1, 2016  //  Banking, Financial District  //  No comments

Zoimé Álvarez-Rubio

Zoimé Álvarez-Rubio

The Puerto Rico Bankers Association has called upon the legislature for the prompt approval of the Puerto Rico Electrical Power Authority Revitalization Act, which will enable the public corporation to complete the necessary restructuring process.

“The Association endorses the prompt approval of the bill that would create the PREPA Revitalization Act, as it will enable the public corporation to move forward toward the completion of its restructuring and capture the benefits in its negotiations with creditors,” said Bankers Association Executive Vice-president Zoimé Álvarez Rubio.

“We consider the approval of the bill as the first critical step to complete the necessary restructuring in PREPA which, in turn, is essential to addressing Puerto Rico’s the economic and fiscal situation and a key element on the way toward the island’s economic recovery,” she said.

The banking industry has played an important role in “critical and historical times” in Puerto Rico, and are in the position to contribute to PREPA’s restructuring, she said.

“Our local financial institutions are financially solid, well capitalized and very willing to be part of the solution in this historic moment for both PREPA and Puerto Rico,” Álvarez Rubio added.

The legislature is currently considering the bill that should be approved on or before Feb. 12, the deadline reached between PREPA and its creditors to extend the restructuring support agreement reached as part of negotiations to restructure some $8.3 billion in debt.

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