February 5, 2018 / 11:40 PM / 3 months ago

Puerto Rico's board and bondholders spar over $1.3 bln PREPA loan

Puerto Rico’s federal oversight board on Friday defended a planned $1.3 billion loan package for the island’s beleaguered electric utility after it came under fire from investors holding bonds issued by the power provider and the U.S. territory’s cash-strapped government.

There are no better financing options available on short notice for the Puerto Rico Electric Power Authority, or PREPA, to address its urgent need for cash, the oversight board argued in court papers.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2BXJs2C

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