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Puerto Rico Mediators seek debt plan for power utility in 2 months

Puerto Rico Mediators seek debt plan for power utility in 2 months

Puerto Rico: A court-appointed mediation team overseeing negotiations between Puerto Rico’s bankruptcy power utility and its creditors wants a new debt restructuring proposal filed within 60 days and a confirmation hearing to be held no later than June.

The mediation team is seeking a new round of debt talks after the Puerto Rico Electric Power Authority and its creditors and a Congressionally appointed financial oversight board last week failed to reach a deal on how to restructure $9 billion of debt. Establishing the deadlines will help the parties negotiate, the mediation team wrote in a court filing Thursday.

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