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Puerto Rico power company pays creditors $193M in interest

Puerto Rico power company pays creditors $193M in interest

SAN JUAN, Puerto Rico (AP) — Puerto Rico's heavily indebted public power company says it has paid creditors $193 million in interest as it pursues restructuring talks.

The Electric Power Authority said Wednesday that the payment came from its operational funds and was due on Jan. 1.

The company has been trying to restructure its $9 billion debt load for more than two years. It recently extended the deadline of a restructuring deal to March, with all revisions to be agreed upon by Jan. 31. The agency faces several lawsuits as a result of the proposed restructuring.

The power company is pursuing a separate deal with its creditors as the U.S. territory seeks to restructure nearly $70 billion in public debt held by other agencies amid ongoing multimillion-dollar defaults.

Updated : 2021-05-17 10:05 GMT+08:00