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Puerto Rico Utility's Creditors Extend Deadline for Rate Plan

  • New customer surcharge would repay restructuring bonds
  • Prepa wants to cut $9 billion of debt through a bond exchange

Puerto Rico won another week to submit a proposed rate fee to the commonwealth’s energy commission, a charge that would repay debt used to restructure about $9 billion owed by its main power utility.

Puerto Rico Electric Power Authority creditors agreed to give officials until April 7 to file their petition to create a new customer fee, called a securitization charge, according to a statement from the utility on Wednesday. A December agreement between Prepa, as the utility’s known, bondholders and bond-insurance companies was set to expire unless the energy commission received the rate petition. This is the contract’s fourth extension this year.