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prima:Board, government and bondholders draw a line

On the first day of the PREPA-POA confirmation hearings, each side claims to be right.

March 5, 2024 - 1:06 PM

Updated At

Updated on March 5, 2024 - 1:06 PM

Outside the Federal Court, a group of citizens encouraged by the PREPA Retirees Association and the Union of Electrical and Irrigation Industry Workers (Utier), microphone in hand, attacked the Board and the payment plan that it would create a legacy charge to pay bondholders and other creditors for the next 35 years. (Carlos Rivera Giusti)

For nearly five hours, U.S. District Judge Laura Taylor Swain, who has presided over Puerto Rico’s bankruptcy for the past seven years, heard the first arguments in the Puerto Rico Electric Power Authority’s (PREPA) Title III case, while outside the federal courthouse a group of citizens, encouraged by the PREPA Retirees Association and the Electric Industry and Irrigation Workers Union (Utier), protested against the Oversight Board and the Plan of Adjustment that would add a legacy charge to pay bondholders and other creditors over the next 35 years.

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