By Stephanie Kelly
NEW YORK (Reuters) – Puerto Rico rejected on Thursday a $1 billion loan offer from creditors of the island’s bankrupt power utility, calling the proposal “not viable” and saying it would hamper the utility’s ability to recover.
The Puerto Rico Electric Power Authority’s bondholder group on Wednesday offered the utility a new $1 billion loan and a discount on a portion of existing debt to help recovery efforts after Hurricane Maria devastated the island last week.
Maria knocked out power to the U.S. territory’s 3.4 million residents and left PREPA, which declared bankruptcy in July, scrambling to complete damage assessments.
Restoring electricity supply is a high priority as Puerto Rico struggles…
Read the full article at: https://au.news.yahoo.com/a/37274744/puerto-rico-rejects-1-bln-loan-from-power-utility-bondholder-group/