GLOBAL ECONOMY

Puerto Rico's power company faces new deadline to restructure its $9 billion debt

FILE - In this July 29, 2015 file photo, the U.S. flag flies in front of Puerto Ricoâs Capitol in San Juan, Puerto Rico. Plans to create a powerful fiscal control board to help stabilize the U.S. territory's finances and appease bondholders amid an economic crisis have been derailed. On Thursday, Nov. 12, 2015, legislators approved the measure but only after making amendments that strip the board of most of its powers. The Senate will review the amended bill again before it is presented to the islandâs governor. (AP Photo/Ricardo Arduengo, File)

FILE - In this July 29, 2015 file photo, the U.S. flag flies in front of Puerto Ricoâs Capitol in San Juan, Puerto Rico. Plans to create a powerful fiscal control board to help stabilize the U.S. territory's finances and appease bondholders amid an economic crisis have been derailed. On Thursday, Nov. 12, 2015, legislators approved the measure but only after making amendments that strip the board of most of its powers. The Senate will review the amended bill again before it is presented to the islandâs governor. (AP Photo/Ricardo Arduengo, File)

Puerto Rico's heavily indebted power company says it faces a new deadline to reach a restructuring deal.

The deadline had been Friday, but the Electric Power Authority says it now has until Dec. 10 to reach a deal with several monoline bond insurers.

The company previously reached a deal with a bondholder group that holds about one-third of its $9 billion debt.

The monoline bond insurers had not agreed earlier to extend their forbearance agreement but have not sued.

Bondholders and creditors are now awaiting action on a bill that would finalize their deal with the power company. Legislators have been forced to call a special session for the first week of December to debate that measure.

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