Board finalizes a Puerto Rico debt deal for $17B in savings
Sep 21, 2018
A federal control board overseeing Puerto Rico's finances has finalized a debt-restructuring deal that represents nearly a quarter of the U.S. territory's $70 billion public debt load
SAN JUAN, Puerto Rico — A federal control board overseeing Puerto Rico's finances has finalized a debt-restructuring deal that represents nearly a quarter of the U.S. territory's $70 billion public debt load.
The board said Friday that the deal will be presented next month to a federal judge assigned to Puerto Rico's bankruptcy case. Officials said the deal represents more than $17 billion in debt service savings.
The agreement involves several groups including those that hold Puerto Rico sales tax bonds. The board said those who hold general obligation bond debt also support the agreement, which economists say could indicate an upcoming deal with them.
Puerto Rico is in a 12-year recession and still struggling to recover from Hurricane Maria, which cause more than an estimated $100 billion in damage.
More News
3 Charts That Explain the Economy as Voters Head to the Polls
Inflation is high, consumer spending is strong and seemingly everything depends on what happens with artificial intelligence.
Oklahoma Families Faced the Hottest Summer Ever and an Electricity Crisis
Record heat, a rising demand for power and an electricity crisis are closing in on Oklahoma families trying to keep the lights on and the AC running.
United’s C.E.O. Says It Should Cost More Not to Sit in the Middle Seat
Scott Kirby of United Airlines said that “it’s expensive to fly airplanes” and that airfares may have further to rise.
Turning the tides: Could hidden sea power energise our coastal towns?
Engineer David Mummery has developed a tidal energy generator that he says can change lives for people living in coastal communities.
'I took a chance on the whisky industry and I haven't looked back'
Zoey Darnbrough had no idea there was a distillery near her home - now she has a top tourism role there.
Heating oil customers face tough winter
The government plans to regulate heating oil prices after increases.
There's a crackdown on sports piracy - but is it already out of control?
The sports industry's lucrative business model is being undermined by dodgy TV sticks and illegal streaming links, writes Theo Leggett.
Trump Offers Putin Economic Relief in Hopes That Russia Will Return the Favor
The Trump administration is ignoring the will of Congress and waiving new Russia sanctions amid fears that high energy prices will cost Republicans in next month’s elections.
How day of protests unfolded as disorder breaks out across France
Demonstrations across the country turned violent, with cars and buildings set alight and shops ransacked.
M.L.B. Playoff Ads With Sydney Sweeney and Megan Fox Draw Backlash
Commercials promoting a gambling platform and endorsing male enhancement have rankled fans, and even athletes. Who is in charge?
Weak Links Start to Show in A.I. Borrowing
Debt trouble at CoreWeave, Oracle and SoftBank raises questions about whether there are broader problems with the data center build-out.
The Reporter Who Exposed Elizabeth Holmes on Nathan Fielder’s Documentary
Ms. Holmes handed the makers of “You Can See Everything” — and the rest of the world — a microscope with which to observe and dissect her lies.