Puerto Rico’s Electric Power Authority, the island’s main supplier of electricity, won an agreement with its creditors to extend negotiations for 15 days over what could be the largest-ever U.S. municipal-debt restructuring, Bloomberg News reported yesterday.
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Creditors of Puerto Rico's electric power authority are likely to agree by a Tuesday deadline to extend a forbearance agreement aimed at avoiding a potentially messy default, Reuters reported on Friday.
Puerto Rico's indebted electric power authority PREPA will seek to persuade creditors in a meeting today to give it more time to restructure its business, Reuters reported today. At a meeting in New York, PREPA will argue that creditors, who hold over $9 billion of its debt, should extend a forbearance agreement that expires on March 31.
Doral Financial Corp. filed for chapter 11 protection yesterday, saying that it intends to wind down its businesses, liquidate its assets, and seek approval for a liquidation plan, Reuters reported yesterday. DFC, which has retail banking operations in Puerto Rico and the U.S., listed assets of $50 million to $100 million and liabilities of $100 million to $500 million.