Prepa Said to Be Closing In on Deal to Extend Forbearance Talks
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Puerto Rico’s junk-rated power authority is closing in on an agreement with creditors that would give it more time to sort out its finances, according to two people with knowledge of the negotiations.
A fresh accord would allow the Puerto Rico Electric Power Authority, known as Prepa, to negotiate with bondholders, banks and debt insurers outside of court on ways to revamp its operations and finances. Talks have been going on since August.