Board finalizes a Puerto Rico debt deal for $17B in savings
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.