FOMB Member Puts Spotlight on PREPA’s Continued Failure To Pay Its Debts
Concern surrounding the Puerto Rico Electric Power Authority (PREPA) and its mismanagement continues to grow in Puerto Rico and Washington, DC.
On December 19th, Justin Peterson, a member of the Federal Oversight and Management Board for Puerto Rico, took to Twitter to bring attention to the fact that PREPA continues to fail to pay its bill for work faithfully committed.
PREPA @AEEONLINE hasn’t paid ANY debt service for seven years - going back to 2014! Bondholders have loaned money in the midst of this theft to keep it afloat, including in 2016 to help it avoid a default. The RSA does not begin to compensate bondholders for their losses. (1)
— Justin Peterson (@JPHusker_) December 20, 2021
(2) PREPA’s @AEEONLINE politicized management is incompetent and it’s service is an ongoing unmitigated disaster. Why doesn’t PREPA use the billions provided by FEMA to upgrade and modernize its grid? Puerto Rico’s citizens deserve reliable, efficient power.
— Justin Peterson (@JPHusker_) December 20, 2021
The PREPA @AEEONLINE RSA should be updated to reflect the $ billions from FEMA. Bondholders who haven’t been paid ANYTHING for 7 years should not be required to pay for grid modernization. The RSA is a LONG WAY from being fair to American retirees who hold this debt! 🇺🇸🇺🇸@FOMBPR
— Justin Peterson (@JPHusker_) December 20, 2021
(4) The new, Trump-appointed @FOMBPR ended Puerto Rico’s bankruptcy in one year; we will end PREPA’s @AEEONLINE bankruptcy / ongoing theft in 2022. American retirees should be paid, not fleeced. It’s time! 🇺🇸🇺🇸 #MAGA #MPRGA @daskeel @FOMBPR
— Justin Peterson (@JPHusker_) December 20, 2021