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- May 17, 2013
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Puerto Rican Power Utility PREPA Files For Bankruptcy
The Puerto Rico power utility PREPA, ladden with a $9 billion debt load, has filed for a form of bankruptcy, Puerto Rico’s primary fiscal agent said on Sunday.
PROMESA was created to help Puerto Rico emerge from a crisis marked by $72 billion in debt, a 45 percent poverty rate on the island and insolvent public pensions. Some public entities, including Puerto Rico’s central government itself, have already filed Title III cases.
The Only utility in Puerto Rico was BANKRUPT before the storm hit. The country was Bankrupt before the storm hit..........Hurricane Irma took out a third of the Islands electricity before Maria hit........
The Puerto Rico power utility PREPA, ladden with a $9 billion debt load, has filed for a form of bankruptcy, Puerto Rico’s primary fiscal agent said on Sunday.
PROMESA was created to help Puerto Rico emerge from a crisis marked by $72 billion in debt, a 45 percent poverty rate on the island and insolvent public pensions. Some public entities, including Puerto Rico’s central government itself, have already filed Title III cases.
The Only utility in Puerto Rico was BANKRUPT before the storm hit. The country was Bankrupt before the storm hit..........Hurricane Irma took out a third of the Islands electricity before Maria hit........