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Puerto Rico Power Debt Deal | Texas News
Puerto Rico’s power company just got a major financial lifeline: a $3 billion settlement offer to tackle over $10 billion in debt—a huge leap from previous proposals. After years of back-and-forth since Puerto Rico defaulted in 2015, this new plan mixes cash and new bonds to appease holdout creditors. The federal oversight board says resolving this is key to restoring reliable, affordable electricity and jumpstarting recovery. But with the funding source still unclear, residents fear higher power bills amid ongoing outages. Still, the board’s already slashed $55 billion in future payments…
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