Puerto Rico board submits third plan in attempt to restructure power company debt of $10 billion

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Lawyers have filed a new plan for restructuring $10 billion in debt owed by Puerto Rico’s power company in the latest attempt to end a lengthy bankruptcy process marked by acrimonious negotiations. The plan filed late Friday would cut the debt of Puerto Rico’s Electric Power Authority by nearly 80% to some $2.5 billion. If the plan is confirmed by a federal bankruptcy judge, it would mean an increase in already high power bills for most people on the island if the new charge is approved by Puerto Rico’s Energy Bureau. On average, residential bills would increase by nearly $9 a month and commercial bills by $35.