Puerto Rico Power Company Forced to Sell Bonds to Obtain Capital Amid Financial Crisis

Puerto Rico's troubled power company has been forced to sell bonds once again to obtain capital and avoid defaulting on a $415 million debt payment with a worsening economic crisis in the U.S. territory.
The Electric Power Authority said Wednesday it paid $153 million in cash and the rest from its debt service reserve accounts. Creditors agreed to buy $128 million worth of bonds to provide liquidity. Creditors also agreed to extend a debt payment deadline to Sept. 15.