PREPA insurers ask court for independent receiver
July 19, 2017
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.
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Moody’s: PREPA’s Ca rating reflects ‘uncertain recovery’
July 13, 2017
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.
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Op-Ed: PR in for ‘rude awakening’ opting for bankruptcy
July 6, 2017
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.
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PREPA officially under Title III protection
July 3, 2017
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.
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Chicago groups join PR leaders calling for debt audit
May 26, 2017
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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PREPA RSA provides for consensual debt restructuring
May 9, 2017
The Puerto Rico Electric Power Authority provided additional detail on its previously announced extension and supplement to its restructuring support agreement (RSA) with the ad hoc group of PREPA bondholders, the fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
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Oversight Board certifies fiscal plans for 4 P.R. agencies
May 1, 2017
The Financial Oversight and Management Board for Puerto Rico on Friday approved and certified the fiscal plans of four covered territorial agencies: the Government Development Bank; Puerto Rico Highways and Transportation Authority; Puerto Rico Aqueduct and Sewer Authority; and Puerto Rico Electric Power Authority, with amendments.
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Rosselló announces deal with PREPA bondholders
April 6, 2017
Puerto Rico Gov. Ricardo Rosselló announced that the Fiscal Agency and Financial Advisory Authority acting on behalf of the Puerto Rico Electric Power Authority has reached an agreement in principle regarding an enhancement of the terms of the restructuring support agreement with the Ad Hoc Group of PREPA bondholders, its fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
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Congress presses panel on status of PREPA restructuring
March 23, 2017
The Subcommittee on Indian, Insular and Alaska Native Affairs held an oversight hearing on the status of the Puerto Rico Electric Power Authority Restructuring Support Agreement, pressing for certain specifics the island’s top administrators could not provide.
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Congress to review PREPA debt restructuring deal
March 22, 2017
The Congressional Subcommittee on Indian, Insular and Alaska Native Affairs will hold a hearing today on the status of the Puerto Rico Electric Power Authority Restructuring Support Agreement, which is set to expire Mar. 31.
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First BanCorp. announces sale of PREPA loan
March 14, 2017
First BanCorp. announced Monday that its subsidiary, FirstBank Puerto Rico, sold on March 10, 2017 its outstanding participation in a line of credit to the Puerto Rico Electric Power Authority (PREPA), reducing its direct exposure to Puerto Rico government related credits.
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Moody’s: Recent changes at PREPA raise uncertainty
February 28, 2017
The expiration of the Puerto Rico Electric Power Authority's contract with the firm leading the utility's restructuring efforts has increased uncertainty for bondholders, Moody’s Investors Service said in an analysis released Monday.
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Moody’s: PREPA still open to consensual restructuring
February 3, 2017
Recent events related to the ongoing negotiation between the Puerto Rico Electric Power Authority and its creditors, including an extension through March 31 of the restructuring support agreement, suggests there’s still room for consensual accords, Moody’s Investors Service said in an analysis released Thursday.
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Energy Commission orders 21% drop in PREPA rate
January 11, 2017
The Puerto Rico Energy Commission on Tuesday issued an order establishing a reduction of 21 percent on the provisional rate that the Puerto Rico Electric Power Authority effected in August 2016.
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PREPA makes $192.5M January bond interest payment
December 28, 2016
The Puerto Rico Electric Power Authority announced Wednesday the payment of $192.5 million in interest on its power revenue bonds due on Jan. 1, 2017.
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