Puerto Rico’s Fiscal Agency and Financial Advisory Authority suggested that profit motive rather than altruism was the bondholder group’s real goal.
He added that the loan could be a “win-win” for the utility and the bondholders, “where the capital is not expensive.”.
Hurricane Maria, and Irma before it, left Puerto Rico in shambles, particularly the electric utility.
The island’s 3.4 million residents were without power in the immediate aftermath of the storm, and most continue without power today.
Creditor groups should “refrain from making unsolicited financing offers at the expense of the people of Puerto Rico,” the fiscal agency said.
However, David Tepper, the hedge fund manager behind Appaloosa LP, did pledge $3 million for hurricane relief from his family charity and the hedge fund.
Whitebox Advisors – “We have a policy of not discussing Puerto Rico or any securities in which we are involved. »