Skip to content
Subscriber Only

Puerto Rico Electric Wins Talk Extension From Bondholders

  • Forbearance contract deadline extended by one week to Oct. 22
  • Prepa is seeking to restructure $8.3 billion of revenue debt

Puerto Rico’s main power provider won a seven-day extension from bondholders to negotiate how to restructure $8.3 billion of debt.

Bondholders with about 35 percent of the Puerto Rico Electric Power Authority’s debt and its fuel lenders decided to postpone until Oct. 22 the expiration of a forbearance agreement that was set to end Thursday, Lisa Donahue, the utility’s chief restructuring officer, said in a statement. The contract keeps debt restructuring talks out of court. This is the 10th extension since the parties first signed the accord in August 2014.