Candidates are being interviewed this week for the position of chief restructuring officer at Puerto Rico's struggling power authority, Reuters reported yesterday. The Puerto Rico Electric Power Authority (PREPA) must hire a CRO by Sept. 8 under an agreement with creditors as it works on developing a restructuring plan to revive the utility, which has more than $9 billion in debt. The CRO will essentially lead PREPA through what are expected to be contentious restructuring talks, working with creditors to develop a business plan and manage the agency's liquidity. Interviews for the CRO are expected to last a few days. http://www.reuters.com/article/2014/08/20/puertorico-restructuring-idUS… For more on PREPA’s continuing distress, Puerto Rico’s new debt restructuring act and legislation in Congress looking to treat Puerto Rico as a state to allow a chapter 9 filing for the adjustment of municipal debt, be sure to listen to ABI’s latest podcast. http://news.abi.org/podcasts/151-examining-puerto-rico-recovery-act-and…
