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Puerto Rico Utility Creditors Unveil $534M Loan Offer

Law360 (February 14, 2018, 10:33 PM EST) -- Creditors of Puerto Rico’s ailing power utility on Wednesday offered a $534 million loan in a bid to head off the contentious $1 billion loan the utility is seeking from the Commonwealth, setting up a showdown over who will provide bridge funding ― and receive superpriority liens ― until federal aid dollars arrive.

The Puerto Rico Electric Power Authority, or PREPA, was devastated by Hurricanes Irma and Maria in September and still hasn’t restored power to roughly a third of the island’s population. Without a loan,...
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