Puerto Rico scraps debt restructuring deal for power company

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor says his administration is cancelling a proposed debt restructuring deal for the island’s public power company, calling it unfeasible. The deal had been in the works for several years and was delayed by the pandemic, with many expecting it might have been approved soon since Puerto Rico’s government is starting to emerge from bankruptcy after declaring in 2015 that it was unable to pay its more than $70 billion public debt load. The island’s Electric Power Authority holds more than $9 billion in debt, the largest of any government agency. The announcement was made Tuesday.