NEW YORK (Reuters) – Creditors of Puerto Ricos bankrupt power utility said on Wednesday that they had offered the utility a new $1 billion loan and a discount on a portion of the existing debt to help recovery efforts after Hurricane Maria devastated the island last week.
The commitment would reduce the Puerto Rico Electric Power Authoritys total outstanding debt from $8.1 billion to about $7.95 billion, said a source close to the situation.
Hurricane Maria left the U.S. territorys 3.4 million residents without power and left PREPA, which declared bankruptcy in July, scrambling to complete damage assessments.
Restoring electricity supply is a high priority as Puerto Rico struggles to recover from the hurricane.
The $1 billion loan will a…
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