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Post by Logan on Feb 17, 2016 2:38:09 GMT -6
SAN JUAN, Puerto Rico -- Legislators in Puerto Rico have approved a last-minute bill needed to finalize a deal to restructure the U.S. territory's heavily indebted public power company. The measure passed late Monday with the minimum 26 votes needed from the island's House of Representatives. Twenty-two legislators voted against the bill, which seeks to reduce the company's $9 billion debt as well as diversify energy resources and boost public-private partnerships to overhaul aging infrastructure at the largest U.S. public power utility. The island's Senate is now expected to review the bill and vote on it. Bondholders had threatened to go to court if the bill was not approved by Tuesday's deadline. The Puerto Rico Electric Power Authority reached a restructuring deal late last month with bondholders. It said the bondholder group and other creditors would provide $111 million through the purchase of new bonds. Half the notes would be issued once the bill is passed and the other half once the securitization structure is submitted to an energy commission. Read more here: www.kentucky.com/news/business/article60623591.html
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