Puerto Rico Electric Wins More Time to Negotiate on Debt Dealby
Bondholders give until Dec. 23 for debt talks to continue
Any restructuring pact would hinge on legislative approval
Puerto Rico’s main electric utility won more time to negotiate with bond-insurance companies in an effort to complete the tentative agreement reached last week that would cut some of the agency’s $8.2 billion of debt.
Investors holding about 35 percent of Puerto Rico Electric Power Authority bonds and fuel-line lenders agreed to extend to Dec. 23 a restructuring agreement that was set to expire Tuesday, according to a statement from the agency.