The Financial Oversight and Management Board for Puerto Rico, the Puerto Rico Electric Power Authority, and the Fiscal Agency and Financial Advisory Authority have reached an agreement with the Ad Hoc Group of PREPA bondholders.
Puerto Rico Electric Power Authority bondholders can expect to recover about 35 percent of their investments due to the business disruption and costs, as well as lost revenues related to damage caused by Hurricanes Irma and María, Moody’s Investors Service predicted in a report released Thursday.
Puerto Rico’s debt service payment could be reduced to zero in the short-term, when the Financial Oversight and Management Board for Puerto Rico modifies the fiscal plan to readjust it to the island’s new panorama following the humanitarian crisis provoked by the passage of a category 4 hurricane through the island.
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