PREPA Announces that January Payment Has Been Handed Over

The Puerto Rico Electric Power Authority announced that it had given the money for its January payment to its bond trustee.

PREPA has handed over $192.5 million for all the interest due on its power revenue bonds. The authority said it got the money from its operating revenues.

"By making the scheduled interest payment to bondholders, PREPA avoided a payment default and kept in place its agreements with creditors reached in December 2015," said PREPA executive director Javier Quintana.

PREPA and its creditors have been working on restructuring its $9 billion in debt and changing conditions at the authority since summer of 2014.

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Puerto Rico
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