Puerto Rico's heavily indebted power company has reached an agreement with its main creditors to extend the deadline of a long-awaited restructuring deal.

The Electric Power Authority said Thursday that the new deadline is March 31 and that all revisions must be agreed upon by Jan. 31.

The power company is $9 billion in debt and recently angered Puerto Ricans when it announced that another rate hike will likely be implemented next summer amid a worsening economic crisis.

A group representing the company's bondholders issued a statement saying it was satisfied with the agreement but warned that delays would translate into more expenses. The group said it has provided the power company with more than $1 billion after it lost access to capital markets.

Restructuring talks began two years ago.