JOURNAL ARTICLE

BlackRock, Nuveen Set to Exit Puerto Rico Utility Debt Deal.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Kaske, Michelle 3 of 3

Abstract

The article discusses the precarious situation surrounding Puerto Rico's Electric Power Authority (Prepa), which has been in bankruptcy since 2017. A debt-cutting plan involving major investors like BlackRock Financial Management, Franklin Advisers, and Nuveen Asset Management is at risk due to the recent dismissal of the financial oversight board by the Trump administration, which may lead to a board more favorable to creditors. The current restructuring plan aims to reduce approximately $9 billion in debt to $2.6 billion, but dissenting investors are pushing for a better deal. The timeline for court confirmation of the plan is uncertain, as ongoing litigation regarding the utility's revenue collections may delay proceedings. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/08, pN.PAG
  • Document Type:Article
  • Subject Area:Politics and Government
  • Publication Date:2025
  • Accession Number:187550896
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