Puerto Rico Utility Wins More Time for Creditor Talks
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Puerto Rico’s cash-strapped power utility extended through June 4 an agreement that’s kept creditors from pushing it into default on $8.6 billion of bonds.
The Electric Power Authority’s debt investors, insurance companies and banks will give it more time to negotiate toward a plan to restructure its obligations, the bondholders said in a statement Thursday as the agreement was set to expire.