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Thu Jul 12, 2018, 02:26 PM

CEO of Puerto Rico's bankrupt power company abruptly resigns

SAN JUAN, Puerto Rico (AP) The CEO of Puerto Rico's bankrupt power company resigned on Wednesday just months after he was chosen to oversee its privatization as the U.S. territory struggles to restore electricity to the last of those who remain in the dark nearly 10 months after Hurricane Maria.

The resignation of Walter Higgins adds to challenges for a company that is $9 billion in debt and has seen a turnover of leaders since the Category 4 storm hit Puerto Rico.

Higgins was named CEO of Puerto Rico's Electric Power Authority in late March and was expected to help strengthen the power grid and supervise deals to privatize the generation of energy and award concessions for transmission and distribution.

Higgins said in his resignation letter that the compensation details outlined in his contract could not be fulfilled. His announcement comes a month after Puerto Rico's justice secretary said it would be illegal for him to receive bonuses.

Read more: https://www.lmtonline.com/news/world/article/CEO-of-Puerto-Rico-s-bankrupt-power-company-13066399.php
(Laredo Morning Times)

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