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Puerto Rico Oversight Board Defends $1.3B PREPA Loan Bid

Law360 (February 5, 2018, 10:57 PM EST) -- Puerto Rico’s government and the federally appointed board overseeing its historic debt restructuring are fighting hard to get a $1.3 billion emergency loan approved for the island’s beleaguered electric utility, blasting creditor objections to the plan as petty and legally unsound.

The island’s Financial Oversight and Management Board and its Fiscal Agency and Financial Advisory Authority filed a joint motion on behalf of the Puerto Rico Electric Power Authority, or PREPA, seeking authorization for the loan last week. Without the loan, they say, the territory could...
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