Federal judge orders mediation to break impasse over Puerto Rico power company debt

Associated Press

SAN JUAN, Puerto Rico (AP) — A federal judge overseeing a drawn-out debt-restructuring process for Puerto Rico’s power company has ordered all parties to mediation. Wednesday’s ruling is the latest attempt to break an impasse that has sparked widespread indignation. The U.S. territory’s Electric Power Authority holds more than $10 billion in debt and other claims _ the biggest of any of the island’s state agencies. Efforts to restructure it in recent years have failed, crippling the island’s ability to attract investors and leaving residents who already pay some of the highest electric bills in a U.S. jurisdiction in limbo. District Judge Laura Taylor Swain also imposed a two-month stay on litigation.