February 13, 2018 / 12:39 AM / 6 months ago

Proposed loan for Puerto Rico's utility cut to $1 bln

Puerto Rico’s federal oversight board has cut a proposed loan for the island’s struggling electric utility to $1 billion in the wake of improved fee collections, a move that could win over irate creditors of the bankrupt island and power company.

On Friday, creditors argued the loan package for the Puerto Rico Electric Power Authority, or PREPA, smacked of an insider deal which they said was at odds with the law guiding the territory’s record-setting financial restructuring.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2G8MiV0

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