Puerto Rico Clawback Guaranty
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How to fill out Clawback Guaranty?
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FAQ
The debt restructuring process typically involves getting lenders to agree to reduce the interest rates on loans, extend the dates when the company's liabilities are due to be paid, or both. These steps improve the company's chances of paying back its obligations and staying in business.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
The Restructuring Support Agreement (RSA) was developed by the FOMB to provide a pathway out of bankruptcy for PREPA and to transform Puerto Rico's power sector. The RSA provides for a 32% cut in the debt owed by PREPA, resulting in annual savings of $375 million for Puerto Rico's ratepayers.
The board oversaw a bankruptcy process that culminated in March 2022, when a federal court confirmed a plan that reduced Puerto Rico's debt by 80%.
Debt restructurings in progress The Plan, amended in March, proposed to cut PREPA's unsustainable debt by almost 50%, to approximately $5.68 billion, and should provide the financial stability necessary to invest in a modern, resilient, and reliable energy system for Puerto Rico.
25, proposing a resolution to the Puerto Rico Electric Power Authority's (PREPA) $9 billion in outstanding debt. Although the plan represents significant progress over earlier FOMB proposals, it still falls short of what is needed.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
The debt restructuring plan was approved by a federal judge in January. It reduces claims against Puerto Rico's government from $33 billion to just over $7.4 billion, with 7 cents of every taxpayer dollar going to debt service, compared with 25 cents previously.