Puerto Rico's CRO duties to include financial restructuring

NEW YORK Tue Aug 19, 2014 10:46am EDT

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NEW YORK Aug 19 (Reuters) - The new role of chief restructuring officer at Puerto Rico's electric power authority PREPA will include both financial and operational restructuring, according to a document posted on the website of Puerto Rico's Government Development Bank on Tuesday.

"The CRO shall work alongside PREPA's chief executive officer (Executive Director) to develop, organize and manage a financial and operational restructuring of PREPA on terms to be approved by the board," the statement said.

PREPA must agree on a restructuring officer with bondholders by Sept. 8, according to the forbearance agreement it signed with creditors on Thursday. (Reporting by Edward Krudy; Editing by Chizu Nomiyama)