SAN JUAN, Puerto Rico – U.S. investors are pushing Puerto Rico officials to provide more information about the financial health of the island's power company amid fears it might soon seek to restructure millions of dollars in debt.
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The questions came after a nearly two-hour webcast Thursday in which officials sought to reassure investors and update them on steps being taken to stabilize the U.S. territory's economy and generate additional revenue for its government.
It was the first webcast since approval of a law that allows certain public corporations to restructure debt if needed.
Government Development Bank chairman David Chafey says agencies will use the Recovery Act only if they are unable to reach consensual solutions with creditors.
The U.S. territory is entering its eighth year in recession and battling $73 billion in public debt.