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.
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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.