Ad Hoc Group of PREPA Bondholders Announces Term Sheet Agreement with the Oversight Board, AAFAF and PREPA
Jul. 31, 2018
NEW YORK--(BUSINESS WIRE)--Jul 30, 2018--The Ad Hoc Group of Puerto Rico Electric Power Authority (“PREPA”) Bondholders today issued the following statement regarding the PREPA debt restructuring Term Sheet Agreement 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”) and PREPA:
“This negotiated agreement – the first of its kind in the Commonwealth’s restructuring – is a significant positive achievement for all parties involved. Our group has always welcomed the opportunity to reach a fair and consensual restructuring solution for PREPA, and by working together with the Oversight Board and the Government of Puerto Rico we have taken an important step towards collectively achieving that goal.
“By addressing PREPA’s legacy debt a pathway can be cleared to accelerate the transformation and long-term viability of the utility. Under the terms of the agreement, our recoveries are now tied to PREPA’s sustainable success, and we are pleased to take part in a transaction which we are confident will ultimately further the economic revival of not just the utility, but the Commonwealth and its people.”
View source version on businesswire.com:https://www.businesswire.com/news/home/20180730005820/en/
Sloane & Company
Dan Zacchei / Sarah Braunstein, 212-486-9500
KEYWORD: UNITED STATES NORTH AMERICA CARIBBEAN PUERTO RICO
INDUSTRY KEYWORD: ENERGY UTILITIES OTHER ENERGY PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Puerto Rico Electric Power Authority (“PREPA”)
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PUB: 07/30/2018 08:01 PM/DISC: 07/30/2018 08:01 PM