viernes, 27 de febrero 2015
San Juan, PR – The Puerto Rico Electric Power Authority (PREPA), Puerto Rico’s publicly owned electricity provider, announced today that it remains in discussions with creditors about the possibility of extending the existing forbearance agreements, which expire by their terms on March 31, 2015.
“PREPA continues to have productive discussions with its creditors about extending the existing forbearance agreements,” said Lisa Donahue, Chief Restructuring Officer of PREPA. “We have been working diligently with PREPA and all stakeholders on an operational transformation of PREPA. We have made significant progress to date, but there is more work to do and as a result, we have not yet finalized a plan to present to the forbearing creditors. Some time ago, we informed the forbearing creditors that we would not satisfy this milestone. The forbearing creditors are aware of the situation and have not taken any adverse actions.”
PREPA is pursuing a number of initiatives to improve its operations for the benefit of all of its stakeholders. To date, key initiatives include:
· Working to improve operations by strengthening customer service, fuel forecasting processes, inventory controls, fuel sourcing, supply chain infrastructure, and collections from public and private consumers.
· Completed a safety assessment - across the entire system and reviewed the existing policies - hired DuPont to raise safety standards and practices.
· Hired an engineering consultant to develop an Integrated Resource Plan to satisfy its requirements under the Energy Relief Act (Act 57).
“While the majority of the media coverage around the restructuring of PREPA has focused on the debt and creditor discussions, it is important for all employees, vendors and customers to understand that the restructuring includes a complete overhaul of PREPA’s operations in order to ensure service reliability. We plan on continuing our efforts toward creating the infrastructure and financial resources needed to overcome Puerto Rico’s energy challenges and complete PREPAs transformation into a self-sustaining business.” said Juan F. Alicea Flores, Executive Director of PREPA.