Puerto Rico Utility Seeks $1.3B Loan From Commonwealth

Law360, New York (January 29, 2018, 9:17 PM EST) -- Puerto Rico’s financial overseers Saturday asked a federal court to let the island’s beleaguered electric utility take a $1.3 billion line of credit with the territory’s government to keep the island’s lights on past the middle of next month.

The island’s Financial Oversight and Management Board and Fiscal Agency and Financial Advisory Authority filed a joint motion on behalf of the Puerto Rico Electric Power Authority telling the district court PREPA is in immediate need of permission to set up the credit revolver. They said after...
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