Puerto Rico’s PREPA Catches A Break To Keep The Lights On

The Puerto Rico Electric Power Authority got a breather on Thursday in the form of an extension of vital lines of credit which it uses to buy oil. The cash-strapped utility also agreed with bondholders to develop a restructuring plan to revive it. Earlier PREPA was facing a deadline on Thursday to extend its lines of credit with banks or a face a possible restructuring of about $9 billion in total debt. Puerto Rico to complete five-year plan by December The debt-stricken utility said Thursday that as part of the agreement, it has committed to appoint a chief restructuring officer by Sept. 8…