Puerto Rico's federally created financial oversight board on Monday defende...
- Puerto Rico’s federally created financial oversight board on Monday defended a new agreement with creditors, saying it will result in an affordable and sustainable debt level and allow the U.S. commonwealth to exit bankruptcy next year.
On Sunday, the Financial Oversight and Management Board announced a deal that establishes terms for restructuring more than $18 billion of Puerto Rico’s general obligation and Public Buildings Authority debt. A group of investment firms that signed on to the agreement, which calls for recoveries of about 64% for GO bonds and 73% for PBA debt, own about $3 billion of what the board calls “vintage” bonds that are not being challenged in court.
She said the deal would reduce $35 billion of liabilities to $12 billion and lower the island’s maximum annual payments on debt, including already restructured sales tax-backed bonds, by 64 percent to $1.5 billion.
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