Reported about 6 hours ago
A federal control board overseeing Puerto Rico's finances has rejected a proposed rate increase to aid in the restructuring of the island's power company's $9 billion debt. The executive director stated that an agreement with bondholders demanding $12 billion would necessitate unaffordable rate hikes for residents. The government can only offer $2.6 billion to creditors, which represents a significant reduction in debt, while also emphasizing the need for substantial investment to repair the deteriorating power grid.
Source: YAHOO