Puerto Rico Says No to Lenders Who Seek to Encumber It With More Debt

first_imgPuerto Rico Says No to Lenders Who Seek to Encumber It With More Debt FacebookTwitterLinkedInEmailPrint分享Bloomberg News:Puerto Rico rejected an offer from Electric Power Authority bondholders to lend the utility $1 billion in the wake of Hurricane Maria, saying the deal would hamper the agency’s recovery.Investors holding about $3 billion of power utility bonds said the loan was made to help the island meet local matching requirements to receive Federal Emergency Management Agency funds. They also proposed exchanging $1 billion of outstanding power utility debt for $850 million of new bonds.Prepa, as the agency’s known, is struggling to restore its power grid after the hurricane knocked out electricity across the island.“The bondholders’ proposal is not viable and would severely hamper and limit Prepa’s capacity to successfully manage its recovery,” the island’s Fiscal Agency and Financial Advisory Authority said in a statement. “Such offers only distract from the government’s stated focus and create the unfortunate appearance that such offers are being made for the purpose of favorably impacting the trading price of existing debt.”Prices on Prepa bonds have fallen in the wake of the storm’s devastation. Debt maturing in 2042 traded Wednesday at an average 43.4 cents on the dollar, down from 52.5 cents at the end of August, data compiled by Bloomberg show.More: Puerto Rico Rejects $1 Billion Loan Offer From Bondholderslast_img read more

Man accused of leading Cerro Gordo County authorities on high speed chase during blizzard pleads not guilty

first_imgCLEAR LAKE — The driver of a vehicle involved in a high speed chase in blizzard conditions in Clear Lake last month has pleaded not guilty.The Cerro Gordo County Sheriff’s Department says at about 10:15 PM on the night of February 7th, a deputy located a 2013 Chevrolet Camaro that had been reported stolen near the intersection of Interstate 35 and US Highway 18. The deputy attempted to stop the vehicle, with the driver fleeing through Clear Lake at speeds of over 100 miles per hour.The driver lost control of the vehicle due to poor road conditions west of Clear Lake near McIntosh Road. The two people in the car fled on foot through a field.The driver, 31-year-old Jared Schneckloth, who lists dual addresses of Clear Lake and Manilla Iowa, was arrested after authorities located him inside a garage. He’s been charged with the felony of theft of a motor vehicle as well as numerous misdemeanor traffic violation charges. Schneckloth pleaded not guilty to those charges last week. His trial has been scheduled for April 9th in Cerro Gordo County District Court.A passenger in the vehicle, 26-year-old Dylan Dimig of Schleswig, was charged with interference with official acts.Nobody was injured during the pursuit and no patrol vehicles sustained damage.last_img read more