Aug 20 Candidates are being interviewed this
week for a chief restructuring officer at Puerto Rico's
struggling power authority, two people briefed on the matter
The Puerto Rico Electric Power Authority, or PREPA, must
hire a CRO by Sept. 8 under an agreement with creditors as it
works on developing a restructuring plan to revive the utility,
which has more than $9 billion in debt. Interviews are expected
to last a few days, one of the people said.
The CRO will essentially lead PREPA through what are
expected to be contentious restructuring talks, working with
creditors to develop a business plan and manage the agency's
PREPA said in a statement to Reuters on Wednesday the
tapping of a CRO is a "competitive process."
"PREPA is looking for the best candidate ahead of September
8th," the agency said. "We will provide an update when a final
decision has been made."
Interviews are likely to include candidates from
established, U.S.-based turnaround advisory firms, said one of
the people briefed on the matter. It is unclear whether the
field could also feature less conventional professionals with
more familiarity with Puerto Rico's political landscape.
(Reporting by Nick Brown; Editing by Chizu Nomiyama)