Puerto Rico Power Company Debt Deal Collapses

"Lawmakers missed a key deadline that threatens a deal to restructure Puerto Rico’s multibillion dollar bond debt. The US territory's power company owes more than $8 billion. A deal to approve conditions for a proposed bond swap by Friday at midnight collapsed. It included the condition of putting a debt payment charge directly on customers’ bills. 70% of bondholders of the Puerto Rico Electric Power Authority agreed to the deal, which would have cut its debt by $600m. It would also have relaxed terms on more than $700m in debt payments in return for the more secure new bonds" (Source Wochit Business, The Guardian, 1/23/2016).