Puerto Rico seeks $300M
SAN JUAN, Puerto Rico (AP) A federal control board urgently sought a $300 million loan for Puerto Rico's power company on Friday after a judge rejected a previous $1 billion loan request despite warnings the U.S. territory would have to start rationing electricity.
The board filed the scaled-back request before dawn and said Puerto Rico will have to reduce power generation and personnel if it does not obtain the funds by Feb. 20. It also said Puerto Rico's Electric Power Authority is in jeopardy and that $300 million would only allow the company to operate until late March, which it warned would leave "many customers" without power.
A federal judge found Thursday that neither the board nor government officials provided sufficient evidence to prove the power company needed a $1 billion loan.