One of the same banks that drove the Puerto Rico Electric Power Authority, or PREPA, into the red will now be paid to help auction it off to the highest bidder.
Citigroup Global Markets Inc., or Citi, will be the main investment bank consultant in the restructuring and privatization of PREPA, the Washington-appointed Fiscal Control Board the body now overseeing Puerto Ricos finances announced recently. Puerto Rico Gov. Ricardo Rosselló first announced the move toward privatization last month.
Citi will advise the Board on PREPAs privatization, the Fiscal Control Board wrote in a statement, as well as the restructuring of PREPAs debt pursuant to Title III proceedings in federal bankruptcy court. Citi will take the lead in identifying…
Read the full article at: https://theintercept.com/2018/02/21/citigroup-citi-puerto-rico-debt/
