Talks to restructure Puerto Rico power company debt fail

[Omaha Steve]

Source: AP

By DÁNICA COTO

HAVANA (AP) — 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.

A federal control board that oversees Puerto Rico’s finances said the impasse with bondholders means it would resume litigation against them in an attempt to restructure the debt, warning that any cost associated with debt repayment would be passed along to consumers.

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.”

In a press conference on Saturday, Pierluisi said the power company will remain in a state of bankruptcy given pending litigations.

Read more: https://apnews.com/article/caribbean-economy-puerto-rico-pedro-pierluisi-c7472f4e779e797b502c95cadb59d124

[Kid Berwyn]

1. Were it Trumpco, Bond holders'd bend over backwards to restructure.

Doin’ a major in exchange for future “considerations,” if you get my meanin’.

[turbinetree]

2. Reminds me of a time when all the drug or most moved there operations over to Puerto Rico

to make large amounts of money with the "golden hydra" mentality, then when they got the go ahead to move the operations lets say to India and China, they just flat out told the people in the country were gone, and said well to bad so so sad mentality... lookout for yourselves and finding a job...being just like true vulture capitalist......just like this power company......