The Puerto Rico Electric Power Authority (PREPA) Bondholder Group today issued the following statement regarding the PREPA Restructuring Support Agreement (RSA):

“The PREPA Bondholders continue to believe that a consensual agreement represents the best path forward for PREPA as well as the residents of Puerto Rico. As a result, today we are extending the RSA deadline to February 28th, 2017, in order to provide additional time for this deal to be implemented under Title VI of PROMESA.

“We look forward to working with Governor Rosselló and his Administration to continue discussing the deal, and specifically, how we can help further lower operating costs at PREPA and increase energy diversification in order to further reduce rates for citizens.

“This deal has been the product of more than two years of negotiations and remains the only consensual agreement reached so far between Puerto Rico and its creditors. The RSA has already allowed PREPA to pass along nearly $2 billion of fuel cost savings to customers. Ultimately we believe that this type of negotiated agreement is in the best interests of Puerto Rico in order to address its urgent economic issues, and we look forward to continuing to be part of this constructive process.”