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Puerto Rico utility in agreement to delay payments
Troubled Puerto Rico power utility says it has agreement with lenders to delay debt payments
Associated Press
2014-07-08 03:01 AM

SAN JUAN, Puerto Rico (AP) -- The financially troubled publicly owned power company in Puerto Rico says it has reached an agreement with its lenders to delay payments on a line of credit.

The Puerto Rico Electric Power Authority says lenders have agreed to the delay on payments that had been due through July 31. The agreement was announced Monday.

The utility says it will use the extra time to work on improving its financial situation. It has lines of credit totaling around $650 million and about $9 billion in outstanding debt.

The government of the U.S. island territory recently granted the authority and other publicly owned corporations the right to seek protection similar to bankruptcy. That move spooked creditors who hold other forms of public debt from Puerto Rico.

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