Assured Guaranty Ltd's (NYSE:AGO) (together with its subsidiaries, Assured Guaranty) bond insurance subsidiaries signed a restructuring support agreement (RSA) with the Puerto Rico Electric Power Authority (PREPA
) and other stakeholders, including a group of uninsured PREPA
bondholders, the Commonwealth of Puerto Rico and the Financial Oversight and Management Board for Puerto Rico (FOMB), the company disclosed on Saturday.
--Failure of PREPA
to meet its payment obligations;
, which has been in a mess from mismanagement and poor oversight for ages.
For a transition in this direction, PREPA
's governing structures should be decentralized and participatory, infrastructure investments should aim at a sustainable energy model and reforms should be framed with participation of all local political parties.
had promised that most of the island would have power by the end of December.
(the "Corporation") (NYSE: FBP) subsidiary, FirstBank Puerto Rico, has sold its outstanding participation in a line of credit to the Puerto Rico Electric Power Authority (PREPA
), reducing its direct exposure to Puerto Rico government related credits, the company said.
"Blanket statements criticizing the role of bondholders aren't just factually inaccurate; they are a clear example of damaging political rhetoric," Stephen Spencer, a managing director at Houlihan Lokey who is advising Prepa
bondholders, said ahead of the pension fund's statement.
"Plaintiffs should not be forced to live with such substantially impaired contractual rights - rights that they bargained for when they purchased the nearly two billion dollars worth of PREPA
[Puerto Rico's electric authority] bonds that they hold collectively," Judge Besosa wrote.
PAP RATIONS are well underway for a stand-out fixture that takes Warwick Racecourse into its first full year as an all-jumps track.
11, said: "In accordance with its practice of regularly reviewing ratings on Rating Watch, Fitch is maintaining the $8.6 billion of Puerto Rico Electric Power Authority (PREPA
) power revenue bonds on Negative Rating Watch.
But she stresses: "AA bit of prepa
bit of prepa-ration by parents can go along way - it's about damage limitation."