NEW YORK, April 14 (Reuters) - Puerto Rico's power authority has not agreed with creditors to extend a forbearance agreement after bondholders sent a proposal late Monday night and without prior warning, according to the head of PREPA's board on Tuesday.
"The bondholders' public description of the proposal is incomplete, leaving out material details," Harry Rodriguez said in a statement. "No agreement has been reached, and it is unclear whether the proposal has the support of all of the forbearing creditors."
A forbearance agreement is a form of payment relief that stops a creditor from declaring a debtor in default to give it time to repay delinquent sums.
(Reporting by Edward Krudy; Editing by Grant McCool)