PR's Management Board Announces Deal To Trim $35B Debt

Law360 (June 17, 2019, 9:45 PM EDT) -- Puerto Rico’s financial advisory board has announced a deal with bondholders to cut $23 billion of the island’s debt, but is facing opposition from the island’s government over the recently revealed pension cuts that would come with the package.

While Sunday’s announcement was met with a statement from the island’s budget office that “not one word” of the agreement was acceptable, the Financial Oversight and Management Board said the latest deal would trim the island’s $35 billion bond debt by more than 60% and its debt service by half, putting the commonwealth on a “viable path” out of restructuring.

“These were...

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May 3, 2017

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