Caribbean

The U.S. Virgin Islands WAPA said the Public Service Commission's reduction of electric rates jeopardizes its ability to pay bills and provide electric service.

Whether PREPA can pay the administrative expense claim doesn't affect its validity, the bond parties said.

Observers say a bankruptcy by Genera PR could complicate the PREPA bankruptcy.

The Puerto Rico Oversight Board asked Judge Laura Taylor Swain to rule now and move quickly to disclosure and confirmation hearings.

The department shifted funds that would have been invested in solar power to improve the island's electrical system.

The bondholders and board faced off over the creditors' belief they they are due the administrative expense claim.

Rep. Scott Fitzgerald said PROMESA indicated PREPA needed to regain access to capital markets and suggested a deal with bondholders would aid this.

The Oversight Board will continue to "prepare for a more dire outcome but continue to hope for the best," said Chairman Arthur Gonzalez.

The bondholders say the failure to pay them net revenues since the 2017 bankruptcy start gives rise to their administrative expense claim.

Bond parties say the board's failure to settle the PREPA bankruptcy has contributed to the system's unreliability.