Efforts to restructure Puerto Rico power company debt wobble

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s power company appears destined for an even longer bankruptcy than expected after several creditors have rejected a new debt restructuring plan following years of failed negotiations. A federal control board that oversees the island’s finances filed a plan late Friday that proposes to cut by nearly half the more than $10 billion of debt held by Puerto Rico’s Electric Power Authority, the largest of any local government agency. Board chairman David Skeel warned that residents and businesses in the U.S. territory will “shoulder the payments of this greatly reduced debt through their electricity bill.”