The Puerto Rico Electric Power Authority announced early Thursday that it has reached an agreement with creditors holding approximately 70 percent of its financial debt.
The offensive launched by the Puerto Rico Treasury Department in November to crack down on retailers that collected sales and use tax revenue, but failed to remit it to the agency has unleashed a string of bankruptcy filings by those businesses, which appear to have turned to the court for protection.
With an estimated $700 million in the Government Development Bank’s coffers and a Treasury Department that reported $488.6 million in revenue collections in November, Gov. Alejandro García-Padilla announced Sunday public sector employees will receive their Christmas bonuses, as established by law.
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