Bondholders of the Puerto Rico Electric Power Authority (PREPA) have a secured claim only up to the amount of certain funds established under their trust indenture, and an unsecured claim for the value of future net revenues...more
Nearly two years following hurricanes Irma and Maria, challenges remain as Puerto Rico seeks to develop a cleaner and more resilient power grid. In November 2018, we discussed the evolving renewable energy situation in Puerto...more
Over a year has elapsed since Hurricane Maria devastated the island of Puerto Rico, which, in addition to claiming thousands of lives, destroyed Puerto Rico’s electrical infrastructure. As discussed in prior postings, a...more
As discussed in our posting covering continuing challenges to rebuild Puerto Rico’s electrical grid, the Puerto Rico Power Authority (“PREPA”) has inhibited the recovery and redevelopment of the Island’s energy system. On...more
In the nine months since Hurricane Maria, substantial progress has occurred in bringing Puerto Rico’s power grid back online. Some consumers with access to solar microgrid systems regained power as soon as a few days after...more
In October 2017, Hurricane Maria swept through the Commonwealth of Puerto Rico decimating the island, taking hundreds of lives and demolishing infrastructure on an enormous scale. In the hurricane’s immediate aftermath,...more
Hurricane Maria left the entire island of Puerto Rico without power. About fifty-five percent of the nation’s transmission towers were destroyed, but about 90 percent of the entire distribution network is out of operation. ...more
The Act also prohibits pay inquiries in the hiring process and limits restrictions on employee compensation discussions. Less than two months after the passage of the Labor Transformation and Flexibility Act that...more
Renewable energy deal discussions centered on projects in Puerto Rico have been difficult – particularly for project owners – over the past few years. The foundations of most of the projects on the island were power purchase...more
First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District Court...more
On Friday February 6, the Puerto Rico Federal District Court ruled the Debt Enforcement and Recovery Act (the “Recovery Act”) unconstitutional. Franklin Calif. Tax-Free Trust, et al. v. Comm. Of Puerto Rico et al., (D.P.R.,...more