The passengers on this ship are not only the 3.5 million U.S. citizens that reside in Puerto Rico. They are also individuals and institutions located in Puerto Rico and the states that own bonds issued by the territory and its instrumentalities.
Pierluisi compares Puerto Rico's situation to a distressed ship, highlighting shared responsibility with creditors.
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More from Pedro Pierluisi
I am not going to allow PREPA to end up with a debt burden that is going to end up causing extraordinary increases, unacceptable increases, in the cost of electricity in Puerto Rico.
The 15-year contract provides a payment methodology that includes either bonuses or penalties, depending on compliance with the metrics.
I am pleased to report that Puerto Rico is emerging from a challenging period with strength and optimism into a new era of stability evidenced by the island's economic upswing.
Having a plan of adjustment confirmed by the Federal court is absolutely essential, because it would stabilize PREPA's finances.
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