Puerto Rico Lawyer Warns of Power Shutdown If Loan Denied
By Steven Church and Michelle Kaske
February 15, 2018, 11:03 AM EST
Updated on February 15, 2018, 12:19 PM EST
Puerto Rico’s power company will begin shutting down as soon as Friday if it doesn’t receive a $1 billion loan from the territory’s central government, threatening to cause widespread electricity outages across the hurricane-devastated island ...
The injection of cash .. will allow the Puerto Rico Electric Power Authority .. to keep running while it waits for President Donald Trump’s administration to release disaster-recovery loans approved by Congress. Without it, the company may be forced to begin rolling outages within weeks ...
Governor Ricardo Rossello said .. Thursday that Prepa is set to run out of cash within three weeks. The loan would prevent a humanitarian crisis, he said, and possibly allow the commonwealth to access the federal loans that have been held up since Trump’s administration said Puerto Rico’s government may have too much cash on hand to warrant the assistance yet.
By extending money to Prepa, the commonwealth’s cash balances may fall low enough to trigger the federal loans ...
https://www.bloomberg.com/news/articles/2018-02-15/puerto-rico-lawyer-warns-of-electricity-shutdown-if-loan-denied
