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Puerto Rico rejects $1 bln loan from power utility bondholder group
September 28, 2017 / 4:08 PM / 2 months ago

Puerto Rico rejects $1 bln loan from power utility bondholder group

NEW YORK, Sept 28 (Reuters) - Puerto Rico rejected on Thursday a $1 billion loan offer from creditors of the island’s bankrupt power utility, calling the proposal “not viable” and saying it would hamper the utility’s ability to recover.

“Such offers only distract form the Government’s stated focus and create the unfortunate appearance that such offers are being made for the purpose of favorably impacting the trading price of existing debt,” the U.S. territory’s Fiscal Agency and Financial Advisory Authority said in a statement.

Reporting by Stephanie Kelly; Editing by Chizu Nomiyama

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