PREPA mediators express hope for progress; deadline extended

Bonds
PREPA’s Costa Sur power plant. After many months of pessimism, the PREPA mediation team expressed a glimmer of optimism Tuesday.

Mediators in the Puerto Rico Electric Power Authority bankruptcy said they were “hopeful” for “progress” in negotiating a deal, they said Tuesday in in a filing to U.S. District Court Judge Laura Taylor Swain.

Despite the optimism, mediators said the PREPA bond group and the Puerto Rico Oversight Board remain far apart

The team asked Swain to extend the bankruptcy’s stay on litigation to March 17 and to extend the termination date for mediation to April 30.

Swain extended the litigation stay to March 24 and the mediation to April 30.

The mediators said in early December there was no hope for success in the mediation process but Swain ordered the sides to continue with it anyway.

Articles You May Like

Prosecutors probe Russian role in buying software for EU border system
FTSE 100 hits record high ahead of expected interest rate cut
Trump’s Gaza plan resurrects grandiose Middle East playbook
Munis slightly firmer, market sees ‘manageable’ supply for the week
‘Enough is enough’: Trump tariffs inspire economic patriotism in Canada