The Puerto Rico Electric Power Authority (PREPA) announced that, following a competitive selection process, the board has appointed Lisa J. Donahue as chief restructuring officer (CRO). The appointment of a CRO by September 8, 2014 was the first milestone outlined in PREPA’s August 14, 2014 agreements with its creditors.
Donahue brings more than 23 years of both restructuring and operational turnaround and transformation experience to the position. She will focus on helping the Authority achieve fiscal stability, and will join the leadership team in reviewing all of PREPA’s business processes to address its current challenges and ensure its continued ability to serve the people of Puerto Rico.
Donahue has extensive experience in business plan development, operational alignment, business transformation, cash management and cost reduction, negotiation, situational analysis, and debt restructuring for domestic and international organizations. She currently is the global leader of the Turnaround and Restructuring Services group at global business advisory firm AlixPartners.
Donahue has a clear track record of helping companies in our industry and financial situation reach their goals by the deadlines required, said Harry Rodriguez, president of PREPA’s Board of Directors. She immediately convinced us that she would be able to work successfully with the existing PREPA team. We are confident that we all will benefit from her skills and experience and are excited to have her join PREPA in advance of the deadline established for the CRO appointment.
Juan F. Alicea Flores, executive director for PREPA, added, “There is much work to be done to transform PREPA into a self-sustaining business with the infrastructure and financial resources needed to meet the Island’s needs for efficient and affordable power. I look forward to working with Lisa and the financial team to meet these challenges and restore PREPA to its former position of strength and stability. This process will allow us to develop and follow a long-term plan to achieve stability in our operations that transcends time.”