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PREPA creditors extend deadline for new customer fee proposal

Puerto Rico ElectricPower Authority creditors are again extending the deadline to April7 for Puerto Rico officials to file a petition with the island's energy commissionto create a securitization charge, Bloomberg News reported March 31.

If approved, the proposed charge will allow PREPA to executea restructuring deal wherein investors will take a 15% loss by exchanging theirbonds for new securities, according to the report. Revenue from the proposed feewould help repay debt used to restructure about $9 billion owed by the utility.

Without the rate petition, the December 2015 agreement between PREPA, bondholders and bond-insurancewas set to expire.