Investors in the debt of Puerto Rico’s power utility have offered a 30-day extension of a creditor agreement that expires today, Bloomberg News reported today. The Puerto Rico Electric Power Authority (PREPA) has $8.6 billion of securities. Under the bondholder offer, the electricity provider would give creditors a restructuring plan by June 1. Bondholders, insurance companies and banks signed a contract with PREPA in August that put off default. The group has extended the agreement twice for additional 15-day periods.
