The Puerto Rico power utility PREPA, filed for bankruptcy protection under the Title III process created by the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).
Eric LeCompte, Executive Director of the religious development group Jubilee USA, releases the following statement:
"It's important that Puerto Rico's power utility filed for Title III bankruptcy protection. We can expect a more favorable debt restructuring for the people of Puerto Rico than the previous debt deal.
"In order for Puerto Rico to get out of this crisis, all debt should be dealt with through one comprehensive process. This is another reason that it is good news that PREPA files under the same process that is being used to resolve most of the island's debt."