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.
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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.
Puerto Rico's debt-laden power authority, Prepa, said on Friday that it will hold off on presenting a restructuring plan as it tries to secure an extension of an agreement from creditors not to foreclose on its $9 billion in debt, Reuters reported.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.