{"id":1317,"date":"2026-06-30T18:44:55","date_gmt":"2026-06-30T18:44:55","guid":{"rendered":"https:\/\/topmovingpross.com\/?p=1317"},"modified":"2026-06-30T18:44:55","modified_gmt":"2026-06-30T18:44:55","slug":"board-offers-3b-settlement-to-restructure-puerto-rico-power-company-debt","status":"publish","type":"post","link":"https:\/\/topmovingpross.com\/?p=1317","title":{"rendered":"Board offers $3B settlement to restructure Puerto Rico power company debt"},"content":{"rendered":"
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SAN JUAN, Puerto Rico (AP) \u2014 A federal control board that oversees Puerto Rico\u2019s<\/span> finances announced Tuesday that it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory\u2019s power company.<\/p>\n

Read more This grieving father and ex-general could test the grip of Israel\u2019s longest serving prime minister<\/a><\/p>\n

The board is proposing paying cash and offering the issuance of new bonds to bondholders that have not settled<\/span> and are seeking some $8.5 billion in claims<\/span>.<\/p>\n

The proposed settlement represents $1.4 billion more than previously offered.<\/p>\n

Puerto Rico\u2019s Electric Power Authority has been trying to restructure its debt<\/span> for roughly a decade, after the U.S. territory announced in 2015 that it was unable to pay its more than $70 billion debt load. That prompted U.S. Congress to create the federal board in 2016. A year later, Puerto Rico\u2019s government filed for the largest municipal bankruptcy in U.S. history. <\/p>\n

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Since then, the board and bondholders of the power company\u2019s debt have been at odds over compensation, with multiple mediation attempts<\/span> failing.<\/p>\n

\u201cPuerto Rico must be able to close this last chapter of its fiscal crisis and move forward,\u201d said Robert F. Mujica Jr., the board\u2019s executive director.<\/p>\n

He stressed that restructuring the company\u2019s debt \u201cis essential to Puerto Rico\u2019s recovery \u2014 to the reliable, affordable electricity and the new investment its residents and businesses deserve.\u201d<\/p>\n

Read more Aid workers warn of infectious diseases, overwhelmed hospitals after Venezuela quakes<\/a><\/p>\n

The board<\/span> said it has not yet identified the source to finance the proposed settlement.<\/p>\n

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Some worry that the source of funds could come from an increase in power bills<\/span>, which already are among the highest in any U.S. jurisdiction as chronic outages persist.<\/p>\n

The board noted that previous agreements reached with several creditors and some bondholders in the power company\u2019s case remain in place.<\/p>\n

The board said that overall, it has completed 12 debt restructurings for Puerto Rico\u2019s government, eliminating more than $55 billion in debt payments over 40 years.<\/p>\n

Read more Congo bans gatherings in areas far from Ebola outbreak. Some say it limits dissent<\/a><\/p>\n

___<\/p>\n

Follow AP\u2019s Latin America coverage at https:\/\/apnews.com\/hub\/latin-america<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A federal control board that oversees Puerto Rico\u2019s finances says it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory\u2019s power company. The board is proposing paying cash and offering the issuance of new bonds to bondholders that have not settled and are seeking some $8.5 billion in claims. The proposed settlement represents $1.4 billion more than previously offered. Puerto Rico\u2019s Electric Power Authority has been trying to restructure its debt for roughly a decade.<\/p>\n","protected":false},"author":1,"featured_media":1316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news"],"yoast_head":"\nBoard offers $3B settlement to restructure Puerto Rico power company debt - Top Moving Pros<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/topmovingpross.com\/?p=1317\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Board offers $3B settlement to restructure Puerto Rico power company debt - Top Moving Pros\" \/>\n<meta property=\"og:description\" content=\"A federal control board that oversees Puerto Rico\u2019s finances says it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory\u2019s power company. 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