AlixPartners will also continue to assist PREPA
in achieving and executing upon the Restructuring Support Agreement reached with the Ad Hoc Bondholder Group, Fuel Line Lenders and Government Development Bank and in negotiating with monoline bond insurers.
Setting up a Power Purchase Agreement (PPA) where PREPA
would agree to buy back the power at a higher rate would be much more beneficial.
SOLE POWER PROVIDER: PREPA
is essential to the Commonwealth of Puerto Rico as it is the sole provider of electricity on the island.
We are making significant progress in transforming PREPA
and the formalization of our agreement solidifies the support of key creditors, and will help facilitate a sustainable capital structure for PREPA
," said Lisa Donahue, Chief Restructuring Officer.
Improved External Liquidity: In FY2010 and FY2011, PREPA
issued approximately $1.
4, 2015 /PRNewswire/ -- The Puerto Rico Electric Power Authority (PREPA
), Puerto Rico's publicly owned electricity provider, today issued the following statement regarding Governor Alejandro Garcia Padilla's submission of the PREPA
Revitalization Act for consideration to the Legislative Assembly.
Fitch also views as a concern the basis swap PREPA
entered into in 2008.
However, if PREPA
approves the force majeure claim, the project's EAF during the force outage period would be adjusted to be over 90% on a rolling 12-months basis, and the project would be eligible for 100% of its capacity payment.
will use the extension to continue discussions with its monoline bond insurers and finalize its agreements with the forbearing creditors.
Residents and businesses of Puerto Rico have filed a class-action lawsuit against Puerto Rico Electric Power Authority (PREPA
), employees of PREPA
s Fuel Oil Office, the world s largest fuel oil suppliers including Brazilian state-owned Petrobras and Shell Trading (US) Company and Puerto Rico-based fuel oil laboratories for perpetuating an extensive fuel oil fraud, resulting in users of electricity in Puerto Rico being overcharged by more than $1 billion dollars for electricity since 2002, according to attorneys at Hagens Berman.
PA P RED Dark skies and squally weather roll in at Fraserburgh yesterday
As of July 31, 2010, PREPA
had liquidity of approximately $186 million including cash on hand and a line of credit for fuel purchases.