The Puerto Rico Electric Power Authority and its creditors agreed Tuesday to extend deadlines in their Restructuring Support Agreement.
The early November agreement had specified what three of the four creditor groups had settled on with PREPA. It also set Nov. 20 deadlines for an agreement with bond insurers and for passage of related legislation by the island's government. The deadlines have now been extended to Dec. 17, PREPA said in a press release.
The three creditor groups in the agreement were the holders of PREPA's lines of credit, a portion of its bondholders, and the Government Development Bank for Puerto Rico.
PREPA is working with creditors to restructure its business and about $8.6 billion of bond debt. One of the deadlines was midnight Thursday to reach an agreement with the bond insurers.
On Tuesday all four creditor groups agreed to extend deadlines for adopting legislation concerning PREPA and the energy sector and for completing a deal with the bond insurers to Dec. 17.
