PUERTO RICO ELECTRIC POWER AUTHORITY

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Case overview

Case Number:

3:17-bk-04780

Court:

Puerto Rico

Nature of Suit:

Firms

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February 10, 2023
Puerto Rico Fiscal Board Proposes $4.3B Utility Reorg Plan

Puerto Rico's fiscal oversight board has filed a reorganization plan for the island's electric utility that it says will trim $4.3 billion in debt with bondholder settlements and claim limits while paying off the remaining $5.7 billion in debt over the next 35 years with an electric rate surcharge.
December 09, 2022
Puerto Rico Fiscal Board Gets More Time For Utility Plan

Puerto Rico's fiscal oversight board secured yet another filing deadline extension regarding its electric utility's refinancing plan Friday, getting five extra days after telling the court they cut a deal with the holders of more than $700 million in bonds and could reach additional deals if mediation continues.
September 26, 2022
Puerto Rico Fiscal Board Says PREPA Talks Ideas Won't Work

Puerto Rico's fiscal oversight board and the unsecured creditors of its electric utility are objecting to portions of a proposal to restart mediation on the utility's restructuring plan, saying it's impractical to write a plan without a court decision on how bondholders will be treated.
September 23, 2022
Boy Scouts Appeals Roll In, Alex Jones Ch. 11 Attys Nixed

More than a dozen insurers commenced appeals of the Boy Scouts of America's confirmed Chapter 11 plan, proposed attorneys and advisers in an Alex Jones-linked bankruptcy were disqualified, and talc injury claimants questioned the good faith of Johnson & Johnson's talc unit in filing for bankruptcy. This is the week in bankruptcy.
September 22, 2022
Mediators Urge Deadline For Puerto Rico Utility Reorg Plan

The mediators who had been overseeing talks aimed at creating a restructuring plan for Puerto Rico's electric utility asked a federal judge on Thursday to restart the stalled talks and set a 60-day deadline for the island's fiscal oversight board to file a reorganization plan for the agency.
April 09, 2019
Muni Market Anxiety Teed Up In 1st Circ. Puerto Rico Appeal

Municipal bond insurers issued a stern warning Tuesday to the First Circuit asking that it revise its own ruling from last month that Puerto Rico does not have to make payments on special revenue bonds during its bankruptcy-like cases, saying the ruling creates market uncertainty and undermines long-held industry beliefs.
October 05, 2018
Bondholders Seek To Appoint Receiver For Puerto Rico Utility

A group of bondholders on Thursday renewed their call to put a receiver in charge of Puerto Rico's electric utility, while the island's federally appointed fiscal oversight board sought information from the governor's office about an announced electric rate cut.
June 05, 2018
1st Circ. Mulls Creditors' Role In Puerto Rico Recovery

The First Circuit on Tuesday questioned whether a group of bondholders can step in and influence the actions of Puerto Rico's struggling public entities, during a morning of arguments before the appellate panel centering on the island commonwealth's historic restructuring.
February 16, 2018
Muni Market Shaken By Puerto Rico Special Revenues Ruling

Municipal bonds secured by pledged special revenue streams have long been prized as safe bets, but a recent ruling in Puerto Rico's restructuring cases that payment on those obligations is not required in bankruptcy has riled investors and left legal experts confounded over a largely untested Bankruptcy Code provision.
November 03, 2017
Puerto Rico Gov't Fights Appointment Of Utility Manager

The government of Puerto Rico is pushing back against the installation of an emergency manager to run the island's beleaguered electric utility, saying Friday that the federal board overseeing the territory's finances is attempting to overstep the powers it was granted by Congress.