Puerto Rico's electric power authority, PREPA, struggling with $9 billion of debt, won agreement from creditors to extend a forbearance agreement by 35 days, according to statements by a key bondholder faction and PREPA, Reuters reported yesterday. Under the new agreement, which expires on June 4, PREPA has agreed to a June 1 deadline to provide creditors with a debt restructuring plan, said the group, which represents 40 percent of all PREPA bondholders. "During the new forbearance period, PREPA will have the opportunity to provide information to its creditors and meet on a timely basis to discuss all the elements of a plan that will improve PREPA," said the group, led by Franklin Advisers and OppenheimerFunds.
