In January 2016, the Puerto Rico Power Authority (PREPA) entered into a restructuring support agreement with the great majority of its bondholders… In February 2016, the Puerto Rico legislature passed a law allowing the restructuring to move forward… But the agreement has conditions which were never met… Time is the enemy of deals… And so, since this one was quite favorable to the PREPA bondholders, the new governor of Puerto Rico has now reneged on the agreement… The New York Times tells the story in Puerto Rico’s Power Authority Effectively Files for Bankruptcy…
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