ROSEMEAD, Calif.— Twenty-three banks have agreed to refrain from accelerating collection or seeking any other remedy through Feb. 13 regarding overdue debt of Southern California Edison Co., a unit of Edison International.

During the payment suspension period, so long as the Edison unit does not seek bankruptcy protection, which it says it does not plan to do, the utility will continue to accrue interest on payments, said Ted Craver, chief financial officer of Edison International, in a conference call Tuesday.

Southern California Edison is pushing for a regulatory solution to its expanding financial crisis rather than filing for bankruptcy protection, Mr. Craver said.

If the subsidiary is forced into bankruptcy, however, the parent company believes it would remain solvent and further assured investors that Edison International continues to make “all of our payments for Edison International and our other subsidiaries.”

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.