[SAN JUAN] Puerto Rico's power utility struck a deal with a group of creditors that seeks to allow the bankrupt US commonwealth to restructure more than US$8 billion of bonds, according to an announcement by government authorities on Friday.
The move paves the way for a plan of adjustment for PREPA, which filed for a form of bankruptcy in July 2017 after a previous restructuring deal fell apart. The latest agreement, which requires support from at least 67 per cent of voting bondholders to materialise, would shed about US$3 billion in debt service payments over the next decade.
The deal still lacks the support of other PREPA creditors, most notably bond insurer National Public Finance Guarantee Corp. A spokesman for National declined to comment. According to government and board officials, the privatisation of PREPA is under way, with transmission and distribution contracts with private companies expected to be in place by the second quarter of 2020.
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