March 28 A congressional subcommittee on Tuesday
urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9
billion debt restructuring at the island's power utility, PREPA,
before the deal expires on Friday.
In a letter to Rossello, California Republican Doug LaMalfa,
who chairs the U.S. House Subcommittee on Indian, Insular and
Alaska Native Affairs, said expiration of the pending agreement
would "rattle the municipal bond market on the mainland." While
expiration of the deal could expose PREPA to lawsuits from
creditors, Rossello has said he wants to renegotiate terms of
the deal to extract more concessions from PREPA's creditors.
(Reporting by Nick Brown; Editing by David Gregorio)