PREPA Bondholder Group Comments on Governor Ricardo Rosselló’s Announcement of Decision to Privatize PREPA

NEW YORK–(BUSINESS WIRE)–The Puerto Rico Electric Power Authority (PREPA) Bondholder Group today
released the following statement:

“The PREPA Bondholder Group has always welcomed a range of potential
strategies to improve operations at PREPA, and we believe the American
citizens that live in Puerto Rico would be better served by an electric
utility run by a private operator with a proven track record, installed
immediately, subject to existing PREC oversight and free from government
interference. It is also imperative that plans for PREPA’s future do not
cause anyone to lose sight of the pressing present day challenge:
getting the lights back on for everyone on the island.

“We believe the only path for any proposal to deliver low cost and
reliable power will be if it respects property rights, since failure to
do so will result in years of litigation from multiple parties. The sole
way to achieve this is to break the pattern of continued disregard for
the law and past obligations and reach a consensus resolution with
assorted stakeholders.”

Contacts

Sloane & Company
Dan Zacchei / Joe Germani, 212-486-9500
[email protected]
/ [email protected]