NEW YORK--(BUSINESS WIRE)--The Ad Hoc Puerto Rico Electric Power Authority (PREPA) Bondholder Group today issued the following statement regarding the revised economic terms of PREPA’s existing restructuring support agreement (RSA):
“We are pleased to have been able to reach this agreement with the Financial Advisory Authority (FAFAA) and the Administration of Governor Ricardo Roselló, which we believe represents a fair solution for all parties. We have worked for nearly three years to support PREPA and the completion of the RSA agreement, and we are confident that this outcome is in the best interest of Puerto Rico, its people and the future of PREPA as a sustainable utility.
The bondholders would like to thank FAFAA and the Governor for understanding the urgency of this situation and coming to the table to negotiate in good faith with PREPA’s creditors. As part of the agreement, the RSA has been extended to April 13, 2017 to allow for documentation of additional terms.
We are hopeful that once completed the PREPA deal will help the commonwealth in its recovery, as well as in its path to regaining access to the capital markets.”