Puerto Rico's heavily indebted public power company is asking creditors for more time to present its restructuring plan.

A company statement Friday says it has not finalized the plan that was scheduled to be released next month.

The Electric Energy Authority owes more than $9 billion and is still negotiating with creditors.

The announcement comes as Puerto Rico seeks to have its public corporations given protection under the federal bankruptcy code amid concerns that some public agencies could go bankrupt.

The U.S. territory is trying to reduce $73 billion in public debt, with public corporations accounting for nearly 40 percent of that amount.