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

SAN JUAN, Puerto Rico, Oct. 22, 2015 /PRNewswire/ -- The Puerto Rico Electric Power Authority (PREPA), Puerto Rico's publicly owned electricity provider, announced today that it has entered into agreements with the ad hoc group of bondholders and fuel line lenders to extend its forbearance agreements to October 30, 2015.  PREPA will use the extension to continue discussions with its monoline bond insurers and finalize its agreements with the forbearing creditors.

"This extension enables us to continue the constructive negotiations we are having with our key creditors, as we work to achieve the restructuring agreements that will provide a strong financial foundation for the transformed PREPA," said Harry Rodriguez, Chairman of PREPA's Governing Board. "We continue to make progress in our comprehensive transformation that shares the burden among key stakeholders to address PREPA's finances and to overhaul its operations in order to create a better future for PREPA and the millions of Puerto Ricans we serve."

SOURCE Puerto Rico Electric Power Authority (PREPA)