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U.S. House panel calls for quick debt deal at Puerto Rico's PREPA
March 28, 2017 / 9:21 PM / 6 months ago

U.S. House panel calls for quick debt deal at Puerto Rico's PREPA

March 28 (Reuters) - A congressional subcommittee on Tuesday urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9 billion debt restructuring at the island’s power utility, PREPA, before the deal expires on Friday.

In a letter to Rossello, California Republican Doug LaMalfa, who chairs the U.S. House Subcommittee on Indian, Insular and Alaska Native Affairs, said expiration of the pending agreement would “rattle the municipal bond market on the mainland.” While expiration of the deal could expose PREPA to lawsuits from creditors, Rossello has said he wants to renegotiate terms of the deal to extract more concessions from PREPA’s creditors. (Reporting by Nick Brown; Editing by David Gregorio)

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