Mediation team created for Puerto Rico bankruptcy cases

A federal judge overseeing the restructuring of Puerto Rico's debt has created a mediation team to help resolve the U.S. territory's bankruptcy cases.

Laura Taylor Swain said in a ruling Wednesday that five federal judges have been appointed to the team. All settlement negotiations will be confidential.

The team will be led by Chief Judge Barbara Houser of the U.S. bankruptcy court for Texas' northern district. Houser is expected to provide details of the mediation process at a June 28 hearing in Puerto Rico.

Swain said the mediation process will remain separate from any bankruptcy cases and will be seen concurrently with those.

Puerto Rico is mired in a 10-year economic recession and seeking to restructure a portion of its $73 billion public debt.