Puerto Rico Utility Investors Said to Offer 30-Day Extension
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Investors in the debt of Puerto Rico’s power utility have offered a 30-day extension of a creditor agreement that expires Thursday, according to a person with knowledge of the situation.
Prepa, as the Puerto Rico Electric Power Authority is known, has $8.6 billion of securities. Under the bondholder offer, the electricity provider would give creditors a restructuring plan by June 1, said the person, who requested anonymity because an agreement hasn’t been reached.