US Congressman Seeks Details on Puerto Rico Utility’s Bankruptcy

US House of Representative Scott Fitzgerald is seeking a meeting with Puerto Rico’s financial oversight board for a briefing on the nearly eight-year bankruptcy process for the island’s troubled power utility.

• Fitzgerald, who chairs the subcommittee on administrative state, regulatory reform, and antitrust, sent a letter Wednesday to the oversight board requesting a meeting by May 30.
• Puerto Rico’s Electric Power Authority, called Prepa, has been in bankruptcy since July 2017 and needs to restructure nearly $9 billion of debt and loans.
• “Prepa’s prolonged bankruptcy process has not only cost hundreds of millions in attorney and consultant fees, but ...