Puerto Rico Seeks Commonwealth Funds to Repay Utility Debt

Puerto Rico officials are looking for funds in the commonwealth’s upcoming budget that could help repay debt owed by the island’s bankrupt power utility.

Puerto Rico’s financial oversight board is in preliminary talks with Governor Jenniffer Gonzalez and legislators on how to address the billions needed to repay Puerto Rico Electric Power Authority obligations. The board is hoping to find the needed revenue sources in the next couple of months as the commonwealth crafts its operating budget for the fiscal year that starts July 1, Robert Mujica, the board’s executive director, told reporters Wednesday following a public meeting of ...