Puerto Rico's PREPA extends deal with lenders, not bondholders
NEW YORK/SAN JUAN, Jan 24 (Reuters) - Puerto Rico's struggling utility PREPA said on Sunday it had extended a restructuring deal with its lenders, although bondholders were left out as it continues to negotiate with them after an impasse late on Friday.
After months of negotiations PREPA in December agreed to a restructuring deal with creditors, an agreement which would have seen debtholders take a discount. The deal expired Friday night, and looked set to fail when PREPA rejected an extension offered by bondholders due to changed terms of a $115 million capital offer from the creditors.
(Reporting by Megan Davies and Nick Brown; Editing by Paul Simao)
Terms and Privacy Policy