The U.S. Army Corps of Engineers (USACE), in coordination with the Huntsville Engineering and Support Center, has awarded a $240 million contract to Texas-based Fluor Corporation for the repair of the power grid in Puerto Rico, the agency announced.
National Public Finance Guarantee Corporation announced that it and other creditors have voluntarily dismissed without prejudice the adversary complaint filed on Aug. 7, 2017 which sought to compel the Puerto Rico Electric Power Authority to deposit revenues with the bond trustee as required by the terms of the PREPA Trust Agreement, PROMESA and the U.S. Constitution.
The Puerto Rico Electric Power Authority (PREPA) Bondholder Group announced that its members have offered a debtor in possession (DIP) financing loan to the public corporation to help address the urgent need to repair the power grid in the wake of Hurricane María, following Hurricane Irma.
Federal agents began escorting 91 trucks to supply gasoline to local stations, 108 of which have security provided by the National Guard and the Puerto Rico Police, the government’s Secretary of Public Affairs and Public Policy, Ramón Rosario Cortés said Tuesday.
The Commonwealth of Puerto Rico is facing new risks and economic uncertainty following the devastation caused by Hurricane Maria last week, Moody’s Investors Service concluded in a report released Tuesday.
Four members of U.S. Congress representing both political parties sent a letter to chairman of the Financial Oversight and Management Board for Puerto Rico, requesting details of the Board’s energy reform plan for the island following the devastation of Hurricane Irma.
Hurricane Irma will have negative implications for the Puerto Rico Electric Power Authority’s liquidity and cause further delays to its debt restructuring plans, Moody’s Investors Services predicted in a report released Tuesday.
Members of the Puerto Rico Manufacturers Association gathered Monday to provide a status report on the island’s essentials, which include about a month’s supply of food and enough propane and diesel to meet the island’s needs.
As of 6 p.m. tonight, 50 percent of Liberty Puerto Rico’s customers have been reconnected to services following the impact Hurricane Irma had on the island late this week, company President Naji Khoury said.
The Executive Director of the Puerto Rico Electric Power Authority, Ricardo Ramos-Rodríguez, aired a laundry list of structural and operational problems plaguing the island’s main energy provider, while outlining plans to face the peak of this year’s hurricane season.
A group of companies insuring the Puerto Rico Electric Power Authority’s debt filed a motion in the U.S. District Court for the District of Puerto Rico Tuesday, asking for the appointment of an independent receiver to pursue increased rates and to oversee certain operations of the public corporation.
Moody’s Investors Service's July 6 downgrade of the Puerto Rico Electric Power Authority’s credit rating to from Caa3 to Ca reflects “the increased uncertainty that now exists regarding the outcome and the timing of a future debt restructuring plan for PREPA, which in the end will lower bondholder recoveries.
If Puerto Rico thinks bankruptcy is a better solution, they have a rude awakening coming. One should look no further than the Puerto Rico Electric Power Authority’s (PREPA) pending bankruptcy.
Gov. Ricardo Rosselló on Sunday asked the Fiscal Oversight and Management Board for Puerto Rico to certify the filing of a petition for Puerto Rico Electric Power Authority to enter into Title III, to adjusts its debts to a sustainable level under court supervision.
Coinciding with the release of the “Wall Street’s Power Grab in Puerto Rico” study, VAMOS4PR and Chicago-based stateside labor, community, cultural, and human rights groups joined Puerto Rico leaders in calling for an audit into the legality of Puerto Rico’s $72 billion debt.
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