Puerto Rico's PREPA, creditors discussing way to avoid default-source

June 26, 2015 5:43 PM

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NEW YORK, June 26 Puerto Rico's distressed power authority PREPA and its creditors have been discussing a deal for the utility to avoid a potential default next week as a $400 million payment deadline looms, a source familiar with the talks said.

Talks are at crunch point, with PREPA facing a July 1 interest payment. Credit ratings agency Moody's has said it expects the utility to default on that payment.

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