Wed | Jul 18, 2018

Puerto Rico power company pays out US$193m in interest

Published:Friday | December 30, 2016 | 12:00 AM
Governor of Puerto Rico, Alejandro Garcia Padilla.

Puerto Rico's heavily indebted public power company says it has paid creditors US$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 January 1.

The company has been trying to restructure its US$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 January 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 US territory seeks to restructure nearly US$70 billion in public debt held by other agencies amid ongoing multimillion-dollar defaults.

- AP