Puerto Rico power company obtains extension on debt payment from bondholders, lenders | Fox Business

SAN JUAN, Puerto Rico –  Puerto Rico’s heavily indebted power company has reached deals with a group of bondholders and lenders to extend a payment deadline, the utility said Saturday.

The Electric Power Authority, which has roughly $9 billion in debt and is facing a restructuring, said fuel line lenders have agreed to a Sept. 25 deadline and a group of bondholders to an Oct. 1 deadline.

Officials are still negotiating with monoline bond insurers, which have not agreed to the extension deals.

“We are making progress and will continue working toward a consensual resolution that benefits (the company) and all of its stakeholders,” said Lisa Donahue, the utility’s chief restructuring officer.

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