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Puerto Rico utility's new deal to relieve about $9B of debt
Utility Dive: The announcement is a welcome bit of good news for the struggling utility. Last year, months after declaring bankruptcy, Puerto Rico's entire electric grid was destroyed by Hurricane Maria. A compete rebuilding is being considered, and the need for modernization was one reason the oversight board found the financial restructuring proposal last year to be lacking.
Debt consolidation may help clear the way for privatization of PREPA, which is one solution under consideration.
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