Puerto Rico Utility Battles to Restructure Debt – CFO

The municipal debt drama in Puerto Rico continues.

The Puerto Rico Electric Power Authority (PREPA) is seeking to restructure roughly $9 billion in debt, according to Reuters, and is asking the U.S. courts for help.

PREPA last week asked the U.S. Court of Appeals for the First Circuit (which covers Puerto Rico) to reverse a federal judge’s February decision to reject the utility company’s proposal to restructure its debt under court supervision, similar to what is typically done in bankruptcy cases.

What do you think?