Agreement secures long-term financial recovery for bondholders and
transformational success of PREPA
NEW YORK–(BUSINESS WIRE)–The Ad Hoc Group of Puerto Rico Electric Power Authority (“PREPA”)
Bondholders today issued the following statement regarding the
Definitive PREPA Restructuring Support Agreement (“RSA”) it has reached
with the Financial Oversight and Management Board for Puerto Rico (the
“Oversight Board”), the Puerto Rico Fiscal Agency & Financial Advisory
Authority (“AAFAF”), PREPA and other significant PREPA bondholders:
“This collaborative agreement represents a tremendous accomplishment
while creating a clear roadmap to allow for PREPA’s ongoing
transformation and provide the people of Puerto Rico with fair and
consistent electricity rates. Under the agreement, bondholder recoveries
are tied to PREPA’s long-term success, solidifying our role as partners
in PREPA’s future.
We want to thank the Governor of Puerto Rico and his team, members of
the Oversight Board, other bondholders and Assured Guaranty for their
collaboration in reaching a fair and viable solution. We encourage other
bondholders to sign on to the deal quickly in order to maximize their
own recoveries and provide certainty on PREPA’s path forward.”
Terms of the RSA will be subject to Title III Court approval in PREPA’s
Title III proceeding.
Contacts
Media:
Sloane & Company
Dan Zacchei / Sarah
Braunstein – 212-486-9500
[email protected]
/ [email protected]
