Ad Hoc Group of PREPA Bondholders Announces Agreement with the Oversight Board, AAFAF, PREPA and Other Significant PREPA Bondholders
NEW YORK--(BUSINESS WIRE)--May 3, 2019--The Ad Hoc Group of Puerto Rico Electric Power Authority (“PREPA”) Bondholders today issued the following statement regarding the Definitive PREPA Restructuring Support Agreement (“RSA”) it has reached with the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), the Puerto Rico Fiscal Agency & Financial Advisory Authority (“AAFAF”), PREPA and other significant PREPA bondholders:
“This collaborative agreement represents a tremendous accomplishment while creating a clear roadmap to allow for PREPA’s ongoing transformation and provide the people of Puerto Rico with fair and consistent electricity rates. Under the agreement, bondholder recoveries are tied to PREPA’s long-term success, solidifying our role as partners in PREPA’s future.
We want to thank the Governor of Puerto Rico and his team, members of the Oversight Board, other bondholders and Assured Guaranty for their collaboration in reaching a fair and viable solution. We encourage other bondholders to sign on to the deal quickly in order to maximize their own recoveries and provide certainty on PREPA’s path forward.”
Terms of the RSA will be subject to Title III Court approval in PREPA’s Title III proceeding.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190503005552/en/
Sloane & Company
Dan Zacchei / Sarah Braunstein - 212-486-9500
KEYWORD: UNITED STATES NORTH AMERICA CARIBBEAN PUERTO RICO NEW YORK
INDUSTRY KEYWORD: ENERGY UTILITIES OTHER ENERGY PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Puerto Rico Electric Power Authority (“PREPA”)
Copyright Business Wire 2019.
PUB: 05/03/2019 07:58 PM/DISC: 05/03/2019 07:58 PM