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Puerto Rico Bankruptcy Judge Approves Luma’s $115 Million Fee

May 4, 2021, 1:40 PM

Puerto Rico’s bankrupt power utility can pay Luma Energy LLC, the company set to take over management of the island’s electrical grid, before other creditors, according to U.S. District Court Judge Laura Taylor Swain.

  • Swain ruled Monday that a $115 million annual fee, to be paid in monthly installments, is an administrative expense. That gives it a higher priority for repayment
  • The $115 million is a charge that Puerto Rico’s Electric Power Authority will pay during an interim period, which is set to begin on June 1 when Luma takes over management and ends when the utility’s debt-restructuring plan...

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