Puerto Rico's struggling power company has reached a key restructuring deal with creditors and bond insurers that forgives a portion of its $9 billion debt and would temporarily boost its liquidity amid a deep economic crisis.

The Electric Power Authority said Thursday that the deal forgives $600 million through a 15 percent discount. It also delays a more than $700 million debt payment for five years.

Executive Director Javier Quintana told The Associated Press that the deal also calls for an increase in utility rates, but that the final rate has not been decided.

Quintana said the company will meet a $302 million debt payment due Jan. 1. He said it is still unknown whether it will be able to make a $419 million payment in July.