Puerto Rico governor grilled on timetable for PREPA deal

Reuters News
Posted: Mar 22, 2017 11:36 AM

(Reuters) - Puerto Rico's governor on Wednesday told a Congressional committee the island's debt-laden power utility, PREPA, could undergo an in-court restructuring process akin to U.S. bankruptcy "if a [consensual] deal is not able to be executed."

Speaking before a U.S. House Natural Resources subcommittee, Governor Ricardo Rossello was grilled about delays in completing a nearly $9 billion debt restructuring at PREPA. Rossello said his administration would prefer a consensual deal to a bankruptcy, and is planning to meet with PREPA creditors on Thursday.

The governor also said he feels "Congress really needs to act in the next coming weeks" to help Puerto Rico shore up its near-insolvent public health system.

(Reporting by Nick Brown)