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Puerto Rico Utility Headed For Bankruptcy After Panel Vote

Law360, New York (June 30, 2017, 8:54 PM EDT) -- The federal panel overseeing Puerto Rico's debt crisis voted Friday to allow the island's government-owned power company to voluntarily file for a specially created form of bankruptcy, just days after the same group rejected a $9 billion restructuring deal the utility reached with its creditors out of court.

In a unanimous 7-0 decision, the Puerto Rico Financial Oversight and Management Board set the stage for Puerto Rico Electric Power Authority, the territory’s sole electric utility, to abandon years of negotiations with creditors and file for court-monitored...
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