Puerto Rico Electric Power Authority (PREPA) Announces Amendment to Restructuring Support Agreement to Extend Deadline to November 20, 2015

12 Nov, 2015, 18:52 ET from Puerto Rico Electric Power Authority (PREPA)

SAN JUAN, Puerto Rico, Nov. 12, 2015 /PRNewswire/ -- The Puerto Rico Electric Power Authority (PREPA), Puerto Rico's publicly owned electricity provider, announced today that it has executed an amendment to its previously announced restructuring support agreement ("RSA") with the Ad Hoc Group of PREPA bondholders, comprising traditional municipal bond investors and hedge funds, its fuel line lenders and the Government Development Bank for Puerto Rico.

The amendment extends the deadline for PREPA to reach an agreement with the monoline bond insurers on a consensual recovery plan to November 20, 2015. PREPA will use the extension to continue discussions with its monoline bond insurers, while the legislative process to approve the PREPA Revitalization Act continues.

SOURCE Puerto Rico Electric Power Authority (PREPA)