A $9 billion restructuring deal covering Puerto Rico’s public power monopoly failed to win approval on Tuesday from the island’s federal oversight officials, raising the likelihood of default at one of the largest U.S. utilities.
The federal board overseeing Puerto Rico’s finances rejected the proposed settlement in a 4-3 vote, capping weeks of doubt about its viability.
The decision marks a setback for creditors who have grown increasingly mistrustful of the oversight board and moves the electric utility known as Prepa one step closer to entering a court-supervised bankruptcy proceeding. The debt agreement, three years in the making, had run into resistance among the seven board members, four o…
Read the full article at: http://www.marketwatch.com/story/puerto-rico-power-monopolys-debt-deal-rejected-2017-06-28
