Turnaround Firm Mobilizes to Enhance WAPA’s Financial Stability
The Incident Command team announces the activation of a turnaround company to oversee the stabilization and restructuring of the Virgin Islands Water and Power Authority (WAPA).
2024-10-09 16:20:37 - VI News Staff
This critical action is part of an ongoing effort to address financial and operational challenges at WAPA, ensuring that WAPA can meet its obligations while improving service delivery for the community. Selected to lead this effort, the turnaround company is working in close coordination with the Water and Power Authority’s leadership team to ensure that critical reforms are implemented across financial oversight, infrastructure modernization and operational efficiency.
The turnaround company’s scope of work includes reviewing and fortifying fiscal oversight measures, and ensuring that financial operations align with long-term sustainability goals. Ernst & Young (EY), a consulting firm with expertise in financial restructuring, has been enlisted to support the effort by providing a detailed assessment of WAPA’s financial standing. Their findings will inform the strategic steps required to stabilize WAPA’s finances, with a focus on delivering reliable water and energy services to the community.