June 17, 2019 / 12:23 AM / 4 months ago

Puerto Rico oversight board enters agreement to address debt claims

June 16 (Reuters) - Puerto Rico’s federally created financial oversight board said on Sunday it has entered into an agreement with bondholders to provide “a framework for a plan of adjustment” to address $35 billion of claims against the U.S. territory.

The agreement establishes terms for the restructuring of more than $18 billion in Puerto Rico’s General Obligation (GO) and Public Buildings Authority (PBA) debt.

The plan has the support of creditors holding about $3 billion in total GO and PBA claims, the Financial Oversight and Management Board for Puerto Rico said.

It expects to submit a debt-adjustment plan in Puerto Rico’s court-supervised bankruptcy for approval within 30 days, according to the statement.

Reporting by Kanishka Singh in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below