Puerto Rico Utility Debt Plan Deadline Extended to July 1

The judge overseeing the bankruptcy case for Puerto Rico’s electric utility extended to July 1 a deadline to submit details on a possible agreement to slash the agency’s debt.

U.S. District Court Judge Laura Taylor Swain Friday postponed a June 1 due date to July 1 after Puerto Rico’s federally appointed financial oversight board requested the extension. This is the second postponement for the parties following an initial May 2 deadline.

The oversight board must file either a plan of adjustment for Puerto Rico’s Electric Power Authority, a term sheet for such a plan, a litigation schedule or a ...