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Wednesday, February 17, 2016

Governor Signs Prepa Revitalization Bill Into Law

Caribbean Business

Eva Lloréns Vélez 

SAN JUAN – Gov. Alejandro Garcia Padilla signed late Tuesday night the
Puerto Rico Electric Power Revitalization Act, paving the way for a major
$9 billion debt restructuring of the public utility’s debt.

The Senate concurred Tuesday with amendments the House made to the bill,
which was rushed to La Fortaleza because under the terms of the restructuring
agreement, creditors could walk away from the deal had it not been enacted by
midnight Tuesday.

The legislation creates a separate corporation, the Prepa Revitalization Corp.,
which will issue new bonds to be exchanged for the Prepa bonds that are curr-
ently on the market...[CONTINUE READING]

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