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Sun Feb 14, 2021, 10:28 AM

Board reaches tentative deal to lower Puerto Rico debt

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances announced Wednesday that it has reached an agreement in principal with creditors to reduce a portion of the U.S. territory’s more than $70 billion public debt load.

The board said the tentative deal followed a mediation process with creditors holding some $7 billion worth of general obligation and Public Building Authority bonds issued by the U.S. territory.

“What we achieved at this point is a realistic proposal that will open a path to recovery from bankruptcy,” said board chairman David Skeel.

As a result, the board asked a federal judge overseeing Puerto Rico’s bankruptcy-like process for an extension to file an amended plan of adjustment.

Read more: https://apnews.com/article/financial-markets-puerto-rico-pedro-pierluisi-e051c44a476cccb8b2cbdab232ba9328

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