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The bill now
moves to the Puerto Rico House of Representatives, which would
need to approve it before it could become law.
"This legislation provides PREPA with critical tools to make
PREPA the modern utility that Puerto Rico needs and deserves,"
the company said in a statement on Wednesday.
PREPA, with more than $8 billion in debt, reached a
restructuring deal in December with about 70 percent of its
creditors.
That deal hit a roadbump in January when Puerto Rico's lawmakers
failed to meet a Jan. 22 deadline to pass necessary legislation.
However, the agency and bondholders agreed to extend a crucial
deadline to Feb. 16.
(Reporting by Shivam Srivastava in Bengaluru; Editing by Sunil
Nair)
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