Puerto Rico power company wins extension with creditors amid financial woes

Economic Indicators Associated Press

Puerto Rico's financially struggling power company has obtained a two-week extension from creditors amid growing concerns it will go bankrupt.

Continue Reading Below

The government said in a statement late Monday that creditors will not take any enforcement actions against the Electric Energy Authority during that period.

Executive Director Juan Alicea Flores said he expects the company to successfully restructure.

The agency holds nearly $9 billion in debt and owes investors some $400 million by July.