The Puerto Rico Electric Power Authority (PREPA), which has been in negotiations with lenders over its debt burden, said yesterday that it had hired the consulting firm AlixPartners to supervise its restructuring, the New York Times DealBook blog reported yesterday. The assignment will be led by Lisa J. Donahue, the head of AlixPartners’ turnaround and restructuring practice, the PREPA said in an announcement. The authority, which faces a severe cash strain and a mountain of debt, agreed with its lenders to complete a restructuring by next March. PREPA faced payments this summer that it could not pay on $671 million in loans to a group of Wall Street lenders. The lenders, including Citigroup, gave the authority more time to make the payments and restructure its finances. http://dealbook.nytimes.com/2014/09/04/puerto-rico-said-to-hire-alixpar… For further analysis of PREPA’s financial distress and Puerto Rico’s Public Corporate Debt Enforcement and Recovery Act, be sure to listen to ABI’s latest podcast: http://news.abi.org/podcasts/151-examining-puerto-rico-recovery-act-and…
