SAN JUAN, Puerto Rico — — Puerto Rico’s governor on Tuesday announced that his administration was cancelling a proposed debt restructuring deal for the island’s public power company, calling it unfeasible.
Gov. Pedro Pierluisi said that the current proposed deal is neither feasible nor in Puerto Rico's best interest. On Monday, the Institute for Energy Economics and Financial Analysis criticized the plan, saying “it ignores Puerto Rico’s financial vulnerability and puts the future of its energy grid at risk.”