A group of nine leading Puerto Rico industry and business associations on Tuesday filed a legal challenge against a Puerto Rico Energy Commission move to impose the first in a series of what they called “unlimited, blank check" rate increases under the Puerto Rico Electric Power Authority debt-restructuring agreement.
A lack of a formal intervention protocol, such as the ones in place in the U.S. mainland for governments in distress, is making Puerto Rico’s restructuring process “uncomfortable” and more challenging to address, an expert with 25 years of experience in reforming troubled public and private sector entities said Wednesday.
The Puerto Rico Electric Power Authority announced Monday the extension of the AlixPartners’ contract to continue the ongoing progress on the comprehensive transformation and debt restructuring of the utility through Dec. 15, 2016, for $6.7 million in fees.
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