The entity proposed a 48.5 percent cut, but the Ad-Hoc PREPA Bondholders rejected the proposal and indicated that it will not get the court’s endorsement.
The Fiscal Oversight Board filed this Friday the Plan of Adjustment of the Puerto Rico Electric Power Authority (PREPA-POA), a proposal that was immediately rejected by the Ad Hoc-PREPA Bondholders group.The entity filed the proposal to restructure over $10 billion in obligations of the public utility by imposing a cut of about 48.5 percent of the debt and supported by two classes of creditors: fuel lines lenders and Vitol Inc.
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