Puerto Rico Gov. Alejandro García-Padilla met with a group of unidentified advisors to the Commonwealth’s creditors to communicate, first hand, the need for Puerto Rico reach a broad restructuring of its $70 billion public debt to sustainable levels, his office said Tuesday.
The Puerto Rico Electric Power Authority has asked creditors for a two-week extension through May 13 to file its rate case before the Puerto Rico Energy Commission, which is a key element in the restructuring support agreement reached with creditors.
The government of Puerto Rico will default on several debt payments due May 2, including $422 million due from the Government Development Bank, “regardless of whether Congress enacts pending fiscal oversight legislation,” Moody’s Investors Service predicted.
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