UPDATE 1-Puerto Rico's Prepa to miss restructuring deadline

Puerto Rico's debt-laden power authority, Prepa, said on Friday that it will hold off on presenting a restructuring plan as it tries to secure an extension of an agreement from creditors not to foreclose on its $9 billion in debt.

The current agreement, which expires on March 31, had called for a deadline of this Monday for Prepa to unveil a proposal to restructure about $9 billion in debt. But it will miss that deadline, Lisa Donahue, Prepa's chief restructuring officer, said in a statement.

"We have made significant progress" to negotiate an extension of the forbearance agreement, "but there is more work to do and as a result, we have not yet finalized a plan to present to the forbearing creditors."

Donahue said she told creditors Prepa "would not satisfy this milestone," and that creditors do not plan to call a default as a result of the delay.

Reuters reported on Thursday that Prepa would likely miss the deadline as negotiators weigh dropping energy prices and legislative uncertainty on the island. (Reporting by Megan Davies and Nick Brown; Editing by Bernard Orr and Christian Plumb)

UPDATE 1-Puerto Rico's Prepa to miss restructuring deadline

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