Puerto Rico Power Authority Faces Key Deadline on $9B in Debt

Puerto Rico's electric power authority, known as Prepa, is facing a key deadline on Thursday to extend its lines of credit with banks. If it is unable to, it could face a possible restructuring of about $9 billion in debt. An extension of the loans would most likely help Prepa overcome a short term cash crunch. The Deal's Lisa Allen says the uncertainty about the utility's future has roiled the bond markets since last summer. Allen says even if Prepa is able to extend its repayment deadline, it will face another deadline come January. TheStreet's Ruben Ramirez has details from New York.