Puerto Rico Legislators Demand Quick Turnaround of US Territory's Troubled Power Company

Legislators on Tuesday demanded quicker action to rescue Puerto Rico's public power company, expressing dissatisfaction over the pace of a multimillion-dollar plan to improve its finances.
Members of the island's Senate Commission of Energy Affairs expressed concern that the Electric Energy Authority might fall into receivership if the bondholders' debt is not paid soon.
The authority's chief restructuring officer, Lisa Donahue, told the commission she will present a first draft by June 1 on how she plans to save the company.
The Electric Energy Authority holds nearly $9 billion in debt and owes investors some $400 million by July.
A bondholder group announced Tuesday that it has offered to extend the forbearance agreement for 30 more days after the government obtained a two-week extension earlier this month.



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