Puerto Rico officials won an additional three weeks to submit a proposed rate charge to the island’s energy commission, a fee that would repay bonds used to help restructure about $9 billion of debt owed by the government’s power company, Bloomberg News reported yesterday. Creditors for the Puerto Rico Electric Power Authority (PREPA), the island’s main electric provider, agreed to give officials until March 22 to work on their petition to implement a new customer fee, called a securitization charge, said Jose Echevarria, a spokesman for the utility. A January agreement between PREPA, bondholders and bond-insurance companies set that deadline for March 1. A petition for a broader review of PREPA’s rates is now due by April 22. Read more.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.
