PREPA Creditors Fed Up With Restructuring Tug-Of-War
Law360, New York (April 24, 2015, 7:30 PM EDT) -- After months of radio silence, the Puerto Rico Electric Power Authority’s wrangling with well-heeled hedge funds spilled into an unusual public war of words that underscores creditor impatience with restructuring negotiations unfolding outside of a binding legal framework.
At the heart of the public back-and-forth lies a $2 billion offer from forbearing bondholders to finance PREPA’s operational reorganization in the hopes of averting a potentially messy default on more than $9 billion in short-term credit and power revenue bonds.
Released publicly against PREPA’s wishes, the proposal and its underlying financial assumptions have touched off a highly public dispute rarely seen in...
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