Director of troubled Puerto Rico public power company quits

AP News
Posted: Jun 23, 2015 8:07 PM

SAN JUAN, Puerto Rico (AP) — The executive director of Puerto Rico's heavily indebted public power company has stepped down.

Juan Alicea Flores resigned Tuesday after spending two years overseeing the Electric Energy Authority.

Gov. Alejandro Garcia Padilla said in a statement that his administration will continue to pursue changes within the Electric Energy Authority to help boost the island's economy. He provided no other details.

The announcement comes as the power company faces a restructuring amid negotiations with creditors over its more than $9 billion debt. Investors have become increasingly worried the company will default as it continues to seek and obtain extensions on its debt payment.