Bloomberg – Bring ice skates on your next trip to Puerto Rico. There’s a sweet public rink in Aguadilla that claims to be the only place to skate year-round in the Caribbean. “This is a great way to spend some time,” one tourism website says, “especially if it is raining, or it is too hot, or you are too sunburned to go to the beach.” It takes a lot of energy to maintain a skating rink in the tropics, but that’s not a problem: The city of Aguadilla isn’t paying for its electricity. The Puerto Rico Electric Power Authority provides power to Aguadilla and other municipalities in lieu of paying taxes. It bills them when the value of the electricity exceeds what it owes in lieu of taxes, as has happened for the past several years. But the towns aren’t paying. Starved for revenue, Prepa is at risk of default on $9 billion in debt.
Hedge Fund Vultures to the Rescue in Puerto Rico
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