Puerto Rico Power Authority’s Deal With Creditors Lifts Some Shares

WSJ, By Lisa Beilfuss | September 2nd, 2015 (Read article)

Puerto Rico’s power authority sent a jolt through a corner of the U.S. stock market Wednesday as shares in financial stocks exposed to the commonwealth soared after the Puerto Rico Electric Power Authority agreed to a debt-restructuring plan with a group of bondholders.

The deal follows months of negotiations and allays default concerns–capped by a warning from the commonwealth’s Gov. Alejandro Garcia Padilla that Puerto Rico’s debt load is unpayable–and it is a sign of progress for the island.

2016-10-23T23:30:20+00:00