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PREPA mediators express hope for progress; deadline extended

BY SourceMedia | MUNICIPAL | 01/29/25 03:15 PM EST By Robert Slavin

Mediators in the Puerto Rico Electric Power Authority bankruptcy said they were "hopeful" for "progress" in negotiating a deal, they said Tuesday in in a filing to U.S. District Court Judge Laura Taylor Swain.

Despite the optimism, mediators said the PREPA bond group and the Puerto Rico Oversight Board remain far apart

The team asked Swain to extend the bankruptcy's stay on litigation to March 17 and to extend the termination date for mediation to April 30.

Swain extended the litigation stay to March 24 and the mediation to April 30.

The mediators said in early December there was no hope for success in the mediation process but Swain ordered the sides to continue with it anyway.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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