last year, the nearly $10 billion in debt from the island’s power company remains unresolved.
The federal oversight board managing Puerto Rico's finances has reached an agreement with several bondholders who own part of the debt that will help reduce the amount owed by 80%, according to aThis is the latest attempt by the Financial Oversight and Management Board to end the lengthy process of restructuring the Electric Power Authority's debt,Following months of negotiations, the board has filed a third debt-restructuring plan that would cut the power company's debt to $2.
David Skeel, the board's chairman, said the plan provides"a fair recovery" for creditors without financially"overburdening the people of Puerto Rico." The proposed plan is necessary for the power company to"remain a sustainable utility, continue critical investments, and complete the transformation of Puerto Rico’s energy system to provide reliable energy and support Puerto Rico’s economic growth and fiscal stability,” Skeel said in a statement.If approved, it may also contribute to a rise in electric bills for Puerto Ricans, who