Puerto Rico power company wins extension with creditors amid financial woes

Economic IndicatorsAssociated Press

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

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

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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.