Puerto Rico's troubled power company seeks private investors amid debt restructuring

Associated Press

Puerto Rico's heavily indebted power company is reaching out to the private sector to help upgrade its aging infrastructure and lessen its reliance on oil.

The Electric Power Authority says it will be accepting submissions of investment proposals through Oct. 26.

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Executive Director Javier Quintana said Friday that the process will help identify what solutions the private sector can provide.

The announcement comes about a week after the company announced a deal with a group of bondholders to restructure part of its roughly $9 billion debt.

The power company also obtained a debt payment extension until Sept. 18, with all creditors agreeing except the National Public Finance Guarantee Corporation.