January 30, 2018 / 2:19 AM / a year ago

Puerto Rico board says utility in urgent need of $1.3 bln loan

Puerto Rico’s electric utility is nearly out of cash in the aftermath of extensive storm damage and urgently needs a loan of up to $1.3 billion from the island’s government while Washington works out a disaster relief package, the territory’s federal oversight board said in court papers on Saturday.

The board called for a court order approving the loan, arguing the island cannot afford the risk to its bankruptcy-like restructuring from more financial turmoil at the Puerto Rico Electric Power Authority, or PREPA.

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