Puerto Rico Electric Power Authority bondholders offered to extend their forbearance agreement with PREPA for another 30 days.
The group hopes to work with PREPA on the refinement of a capital investment and rate plan, a timeline for PREPA's professionals agreeing to a work production plan, and third party review of the work plan and information exchanges between the parties with an opportunity for public review, the forbearing bondholders said in a press release dated Monday.
On April 1, the PREPA bondholder group released a detailed revitalization plan for PREPA that provides for nearly $2 billion in new capital to be invested in PREPA for new infrastructure investment, that allows PREPA to generate electricity at lower and more stable rates, create hundreds of new jobs, and stabilize electricity rates below the 2014 average, while continuing to service contractual debt obligations.
