PREPA Bondholders Agree to Extend Forbearance 35 Days

By Robert Slavin Archived

Published April 30, 2015, 4:03 p.m. EDT

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Updated April 04, 2017, 12:31 p.m. EDT

1 Min Read

Bondholders of the Puerto Rico Electric Power Authority said they had agreed to extend their forbearance for 35 additional days, giving the public corporation more time to revamp its business.

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"Under the agreement PREPA has agreed to provide an informative session between the authority's rate consultant and creditors' advisors by May 11 and deliver a proposal for a comprehensive recovery plan to the bondholders' advisors by June 1," a group of forbearing bond holders said in a press release.

PREPA has over $9 billion in outstanding debt. The forbearance period was to end Thursday, April 30. The forbearance has been extended to June 4.

Robert Slavin Archived

Reporter

Robert Slavin leads The Bond Buyer’s coverage of Puerto Rico, focusing on government finances and debt, and additionally contributes to the Markets... Read full bio

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