Keyword Search: Loan
1 Article
Source: Common Domain

Federal Judge Approves $300 Million Loan for Puerto Rico Utility

Today 13:38 GMT

A federal judge approved an emergency $300 million loan that will keep Puerto Rico’s troubled electric utility in operation, averting a threat of more power outages at a time when the island is trying to recover from last summer’s devastating hurricanes.

Her decision comes days after she rejected the funding for the utility, known as Prepa, saying the cash-strapped power utility hadn’t looked hard enough for alternative funding before seeking court approval of a loan. Prepa, which had sought approval to tap $550 million of a proposed $1 billion financing package, is in desperate need of funding to maintain restoration work on the island’s power grid and to prevent additional blackouts.

1 Article
Source: CBS News

Puerto Rico seeks $300M loan, warns of power company shutdown

Saturday 16:21 GMT

A federal control board urgently sought a $300 million loan for Puerto Rico's power company on Friday after a judge rejected a previous $1 billion loan request despite warnings the U.S. territory would have to start rationing electricity.

The board filed the scaled-back request before dawn and said Puerto Rico will have to reduce power generation and personnel if it does not obtain the funds by Feb. 20.

1 Article
Source: Common Domain

Puerto Rico Utility Files Urgent Request for $300 Million Loan

Saturday 20:56 GMT

Puerto Rico’s hurricane-battered electric utility is seeking court approval of $300 million in emergency financing after a federal judge rejected a request for a larger loan opposed by the utility’s bondholders.

The federal board overseeing Puerto Rico’s finances placed the central government under what amounts to bankruptcy in May and two months later voted to move Prepa under court protection as well.

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte