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

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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