Mediation talks to restructure more than $9 billion in debt held by Puerto Rico’s power company have failed, raising concerns about the future of the bankrupt government agency
HAVANA — — Mediation talks to restructure more than $9 billion in debt held by Puerto Rico’s power company failed, officials announced Saturday, raising concerns about the future of the bankrupt government agency.
Gov. Pedro Pierluisi said the mediation did not achieve the desired outcome: “My administration cannot accept a deal that unduly strains the wallets of our hard-working families, or the resources businesses need to fuel our economy and create and maintain jobs on the island.” “It would have catalyzed much-needed private sector investment to rebuild and modernize Puerto Rico’s grid and would have provided the citizens...with cleaner, more reliable and more affordable power,” he said. “Now, all of this could be delayed for years.”
The failed talks come after Gov. Pedro Pierluisi announced in early March that his administration was scrapping a proposed debt restructuring deal for the island’s Electric Power Authority that was several years in the making because it wasn’t feasible or in Puerto Rico’s best interest.
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