Puerto Rico's Fiscal Board Announces $11B Bond Debt Deal

Law360 (February 23, 2021, 3:01 PM EST) -- Puerto Rico's fiscal oversight board announced Tuesday it has reached a deal with bondholders to cut $11.4 billion from the commonwealth's debt as it prepares to submit an overall reorganization plan to the courts next month.

Puerto Rico's flag flies in front of its Capitol in July 2015. Puerto Rico's fiscal oversight board announced Tuesday that it has reached a deal with bondholders to cut $11.4 billion of the island's debt. (AP Photo/Ricardo Arduengo) According to the Financial Oversight and Management Board's announcement, the holders of about $11.7 billion in Puerto Rico Public Buildings Authority and general obligation bonds have agreed...

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