A deal to restructure over $9 billion in debt held by Puerto Rico’s power company fell through after bondholders terminated their agreement with the federal control board. BlackRock Financial Management and others backed out after the Trump administration fired most board members overseeing the negotiations.

The dismissed board members could be replaced with new members favoring hedge funds seeking full repayment. If a debt-restructuring deal isn’t reached, Puerto Rico’s power bills could skyrocket. Some bondholders want litigation suspended until a new board is appointed, while the current board prefers certain processes halted.

The board was established in 2016 after Puerto Rico declared an inability to pay its $70 billion debt, leading to the largest municipal bankruptcy in U.S. history. The uncertainty surrounding new board appointments raises questions about the future of debt negotiations for the island’s Electric Power Authority.

Read more at Yahoo Finance: Deal to restructure Puerto Rico power company debt crumbles as some bondholders walk away