Bankruptcy Law News

Puerto Rico Utility Bonds Pare Gains After Debt Deal Struck (2)

May 6, 2019, 9:27 PM

Puerto Rico’s electric utility bonds pared gains made over the past month after the government-owned company reached a debt-restructuring agreement with a key group of investors and insurer Assured Guaranty Corp., moving a step closer toward emerging from bankruptcy.

The prices of the Electric Power Authority’s bonds, which rose as the government and its federal overseers moved closer to striking the deal, retreated slightly on Monday, the first trading day since the pact was announced late Friday. The agreement calls for investors to exchange each dollar worth of their securities for 67.5 cents of senior bonds and 10 cents of...

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