{"id":1550,"date":"2014-11-18T23:01:23","date_gmt":"2014-11-18T23:01:23","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/11\/puerto_ricos_prepa_sees_219_ri"},"modified":"2022-03-11T13:34:07","modified_gmt":"2022-03-11T19:34:07","slug":"puerto-ricos-prepa-sees-219-ri","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-ricos-prepa-sees-219-ri\/","title":{"rendered":"Puerto Rico\u2019s Prepa Sees 219% Rise in Overdue Accounts With At Least $1.75 Billion Owed"},"content":{"rendered":"

\t\t\t\tPuerto Rico’s Electrical Power Authority, also known as PREPA, is experiencing a surge in overdue accounts. According to a report from an FTI Consulting subsidiary, since 2012, the U.S. territory’s electrical authority has seen a 219% increase in the number of company and residential accounts that are at least 120 days late in making their payments. The report was generated as part of an agreement with the creditors, which retain more than $9 billion of the electrical utility company’s debt. <\/p>\n

By September 2014, late balances owed to PREPA not just among businesses and residents, but also by government entities had hit $1.75 billion. At least $708.6 million were payments that were late by a minimum of four months. <\/p>\n

Puerto Rico’s governmental entities owe about $758 million, with certain public corporations unable to even pay their electricity bills and refusing to agree to payment plans to get their accounts current. The FTI report recommends that Prepa put into place an amnesty period for clients that are delinquent, retain a collection agency, increase late fees and charges for reconnection, and push for timely payments. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Puerto Rico’s Electrical Power Authority, also known as PREPA, is experiencing a surge in overdue accounts. According to a report from an FTI Consulting subsidiary, since 2012, the U.S. territory’s electrical authority has seen a 219% increase in the number of company and residential accounts that are at least 120 days late in making their […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3922,4039,3755],"tags":[2847],"class_list":["post-1550","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs","tag-prepa"],"yoast_head":"\nPuerto Rico\u2019s Prepa Sees 219% Rise in Overdue Accounts With At Least $1.75 Billion Owed — Investor Lawyers Blog — November 18, 2014<\/title>\n<meta name=\"description\" content=\"Puerto Rico's Electrical Power Authority, also known as PREPA, is experiencing a surge in overdue accounts. 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