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.
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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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