UPDATE 2-Puerto Rico's PREPA avoids default, makes $415 mln payment
July 01, 2015 at 14:12 PM EDT
July 1 (Reuters) - Puerto Rico's power authority, PREPA, avoided default on Wednesday by making a $415 million bond payment partly financed by insurers that backed the bonds, but creditors cautioned they would take legal action if restructuring negotiations with the utility over its $9 billion debt deteriorate.
