Puerto Rico Electric Wins More Time to Negotiate on Debt Deal

  • 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.

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