Puerto Rico Board Firings Entangle Prepa Bankruptcy Dispute

(Bloomberg) -Porto Rico’s uprising of the financial surveillance board of the financial surveillance board, the judge who supervises the case suspends a short-term deadline date and wants to update the status of the board of directors of the board of directors slowing down the bankruptcy of the public service.

Last week, the White House fired five members of the Federal guard dog, which monitored the finance of the Nations Community and managed the ongoing bankruptcy of Porto Rico’s electricity authority called Prepa. The Board must provide a report that details how these ignitions can affect the bankruptcy process until August 25th.

The US Regional Court judge Laura Taylor Swain wants a report on the effect of the status of its membership and the effect of recent events on the participation of the issues waiting in front of the court ”.

The US region has the most expensive and least reliable energy in the country. The electricity public service of the state that has been bankrupt since 2017 is trying to restructure the bonds and loans of approximately $ 9 billion up to $ 2.6 billion.

Before performing a approval hearing on this restructuring proposal, Swain should solve the claim that it cannot direct the net income of approximately $ 3 billion for several years to allocate an account by some creditors to pay debt reimbursement.

Swain also suspended August 18 to exchange position documents with Prepa bond holders on a net income of $ 3 billion. Sushing will further prevent the process of solving the discussion on the income of Prepa.

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