|By PR Newswire||
|August 14, 2014 06:20 PM EDT||
SAN JUAN, Puerto Rico, Aug. 14, 2014 /PRNewswire-USNewswire/ -- The Puerto Rico Electric Power Authority ("PREPA") today announced that discussions with its creditors have resulted in agreements that provide PREPA with a consensual path forward to improve its operations and financial situation.
Insurers and bondholders controlling more than 60 percent of PREPA's outstanding bonds have entered into contractual arrangements and agreed to amend the existing bond documents to provide PREPA with liquidity and time to work with its creditors to develop a plan to achieve a restructuring of its business.
The insurers and bondholders who signed the agreements, including those that have commenced litigation against the Debt Enforcement and Recovery Act, have agreed that they will not exercise remedies against PREPA during the term of these agreements. During this period, PREPA will continue to make required debt service payments in full.
The banks that provide revolving lines of credit used to pay for purchased power, fuel and other expenses have agreed to extend until March 31, 2015 their previously announced agreements to not exercise remedies as a result of certain credit downgrades and other events. These agreements allow PREPA to continue to delay certain payments that were due to these lenders in July and August, respectively, until March 31, 2015. During this period, the banks will receive interest payments on these amounts.
The contractual agreements with PREPA's insurers, bondholders and banks will go into effect immediately and an amendment to the existing bond documents, which will provide PREPA the ability to use approximately $280 million held in its construction fund for payment of current expenses and capital improvements, will become effective later this month. The additional liquidity will assist PREPA in its ongoing operations, while also keeping funds available for capital improvements that will help to facilitate cleaner and more efficient fuel delivery, enabling Puerto Rico to achieve the targets established in the Energy Reform Act.
As part of the new agreements, GDB has agreed that it will not exercise set off rights with respect to PREPA deposits and will not require PREPA to make principal or interest payments due under GDB loans.
"Today's announcement is an important milestone in the transformation of PREPA and gives us a clear line of sight to the future," said Harry Rodriguez, President of PREPA's Board of Directors. "PREPA is working hard to deliver with infrastructure improvements, better cost controls and improved service. Today's agreements give us additional tools toward the creation of a more modern and self-sustaining PREPA for the future."
Juan F. Alicea Flores, executive director for PREPA, stated, "Today's agreements give PREPA the additional time and financial resources we need to reach a comprehensive solution that ensures our ability to provide a safe, reliable and efficient power supply to all Puerto Ricans for many years to come. It is the result of a lot of hard work by many people, and I want to thank all of our stakeholders for their contributions to this very positive outcome."
David H. Chafey, president of the Board of Directors of GDB, commented, "The Government Development Bank of Puerto Rico is pleased with PREPA's ongoing efforts to become a self-sustaining business. The agreements announced today are important steps in the process of creating a stronger PREPA for the people of Puerto Rico."
As part of its agreements with the creditors group, PREPA has committed to complete a five-year business plan by December 15, 2014 and to appoint a chief restructuring officer (CRO) by September 8, 2014. The CRO will work closely with Mr. Alicea and the rest of PREPA's Board and management team to accelerate PREPA's transformation, ensuring the utility is able to efficiently implement the changes necessary to achieve its financial and operating targets. Initial areas of focus are expected to include optimizing the generation, transmission and distribution of the Island's power supply, refining collection and expense management processes, and enhancing the overall quality of data collection and reporting. Under the terms of the agreements announced today, PREPA must deliver a full debt restructuring plan by March 2, 2015.
"The additional insights and experiences the CRO will bring to PREPA will be important assets as we work to build a stronger utility for the future," Mr. Alicea added.
PREPA will file a notice on the Electronic Municipal Market Access (EMMA) system outlining the key terms of its agreements with the creditor groups. PREPA agreed to make these disclosures under confidentiality agreements it signed with certain of its creditors in conjunction with the ongoing discussions. The notice will be filed today and includes additional information about the agreements and PREPA.
SOURCE Puerto Rico Electric Power Authority
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Mar. 31, 2015 03:00 AM EDT Reads: 1,503
SYS-CON Events announced today that FierceDevOps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. FierceDevOps keeps software developers and IT operations personnel updated on the latest news and trends around the rapidly evolving role of the traditional IT worker.
Mar. 31, 2015 02:45 AM EDT Reads: 1,579
WHOA.com has announced the newest addition to its data center footprint with the expansion into Equinix's newest state-of-the-art facility: DC-11 Washington, DC IBX+. Located in Ashburn, VA, this data center expands Whoa.com's presence to meet rapidly expanding customer demand for secure cloud solutions. Equinix, Inc. operates International Business Exchange™ (IBX®) data centers in 32 markets across 15 countries in the Americas, EMEA, and Asia-Pacific. Equinix is committed to operating faciliti...
Mar. 31, 2015 02:00 AM EDT Reads: 1,239
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 30, 2015 06:00 PM EDT Reads: 1,546
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Mar. 30, 2015 05:00 PM EDT Reads: 3,359
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Mar. 30, 2015 04:30 PM EDT Reads: 1,247
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Mar. 30, 2015 04:15 PM EDT Reads: 1,540
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Mar. 30, 2015 04:00 PM EDT Reads: 1,392
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
Mar. 30, 2015 03:00 PM EDT Reads: 3,134
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
Mar. 30, 2015 03:00 PM EDT Reads: 1,385
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
Mar. 30, 2015 03:00 PM EDT Reads: 2,937
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
Mar. 30, 2015 03:00 PM EDT Reads: 1,336
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Mar. 30, 2015 03:00 PM EDT Reads: 1,379
Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
Mar. 30, 2015 02:15 PM EDT Reads: 1,549
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Mar. 30, 2015 02:00 PM EDT Reads: 2,040