Puerto Rico Board Reaches Deal With Highway Bondholders
Law360 (May 5, 2021, 10:08 PM EDT) -- Puerto Rico's fiscal oversight board said Wednesday that it had reached a deal with the holders of more than $2 billion in highway and convention center bonds to end ongoing litigation and slash the amount owed by the island's government by 70%.
The agreement will commit the bondholders to support the Fiscal Oversight and Management Board's proposed restructuring of the island's debt in return for cash, new bonds and a potential cut of future sales tax revenue, according to the announcement.
"This agreement is another significant step towards resolving Puerto Rico's bankruptcy process," the board's executive director, Natalie Jaresko, said in...
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