Puerto Rico’s governor extended a Sunday deadline for a group of government officials to deliver a draft of a restructuring plan that is widely anticipated by investors.
The governor’s chief of staff, Victor Suarez Melendez, said in a statement that the deadline has been extended to Sept. 8. He attributed the delay to officials’ preparations for Tropical Storm Erika.
“Since the government’s efforts in the past days have been focused on preparing for the possible impact of Tropical Storm Erika, the work of the designated group, the consultant’s analysis, and the final drafting of the document have not been completed,” Mr. Suarez Melendez said.
Puerto Rico Gov. Alejandro Garcia Padilla said in June that the island’s debts are unpayable. Investors in the island’s bonds, which are widely held by U.S. mutual funds, say they hope the draft restructuring plan will shed light on how much debt relief the government intends to seek.
By Mike Cherney Delivery now set for Sept. 8 as officials prepared for Tropical Storm Erika
Puerto Rico Extends Deadline for Draft Restructuring
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