Robert Mujica, executive director of Puerto Rico's Financial Oversight and Management Board, said Tuesday afternoon that a group of creditors of the Puerto Rico Electric Power Authority (AEE) flatly rejected the Board's $3 billion offer to pay down the utility's debt and end its bankruptcy. According to Mujica, the bondholders reaffirmed a $12 billion claim against AEE—Puerto Rico's sole electricity provider—based on pre-bankruptcy claims of roughly $8.5 billion plus interest accrued since 2017, an amount Mujica said far exceeds what the people of Puerto Rico can pay.
He noted the non-consenting bondholders did not submit a counteroffer. The Board had hoped its $3 billion offer—a $1.4 billion increase over its original $1.6 billion proposal—would satisfy creditors, but the group instead dismissed it as