Puerto Rico Electric Power Authority (PREPA) Announces Extension of Forbearance Agreement

Oct 30, 2015, 21:13 ET from Puerto Rico Electric Power Authority (PREPA)

SAN JUAN, Puerto Rico, Oct. 30, 2015 /PRNewswire/ -- The Puerto Rico Electric Power Authority (PREPA), Puerto Rico's publicly owned electricity provider, announced today that PREPA, the ad hoc group of bondholders and fuel line lenders have extended their forbearance agreements to November 3, 2015.  PREPA will use the extension to finalize its agreements with the forbearing creditors and continue discussions with its monoline bond insurers.

"As we continue our efforts to transform PREPA, this extension affords us additional time to continue constructive negotiations with our key creditors," said Harry Rodríguez, Chairman of PREPA's Governing Board. "Working with our creditors to restructure PREPA's debt is an important component of our comprehensive plan that shares the burden of addressing PREPA's finances among all stakeholders.  We look forward to continuing to make progress towards this transformation which will create a better future for PREPA and provide Puerto Ricans the economical, safe and reliable utility they are asking for."

SOURCE Puerto Rico Electric Power Authority (PREPA)