No Shocker: Puerto Rico's Electric Co. Files For Bankruptcy

Law360, New York (July 3, 2017, 6:42 PM EDT) -- Puerto Rico's government-owned power company was forced to file for bankruptcy-like protections on Sunday after a long-negotiated deal to deleverage the utility’s $9 billion debt load was quashed by the board overseeing the territory's fiscal crisis and landmark insolvency proceedings.

The Puerto Rico Electric Power Authority became the fifth public entity to file for protection under a federal legislative package intended to tackle the island’s $74 billion debt load. PREPA, the territory’s only electric utility, had appeared to distinguish itself from Puerto Rico’s other public debtors...
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