New director appointed to oversee Puerto Rico's power company as it struggles with $9B debt

SAN JUAN, Puerto Rico – Puerto Rico’s heavily indebted public power company has a new director.

The Electric Energy Authority said Tuesday that Javier Quintana Mendez will oversee the troubled agency. Quintana previously served as vice-president of the power company’s board of directors.

The announcement comes as the power company prepares for a restructuring as it struggles with more than $9 billion in debt. Investors have become increasingly worried that the company will default as it obtains additional extensions on debt payments.

Former executive director Juan Alicea Flores stepped down in June after overseeing the company for two years.