Puerto Rico would reduce a major portion of its debt by more than 60% under a lo...
SAN JUAN - Puerto Rico would reduce a major portion of its debt by more than 60% under a long-awaited restructuring proposal the bankrupt U.S. commonwealth’s federally created financial oversight board filed in court on Friday.
“This is the beginning of the end of Puerto Rico’s bankruptcy process,” José Carrión, chairman of the oversight board, told reporters following a public hearing on the plan. Assured Guaranty, which insures nearly $1.5 billion of Puerto Rico general obligation and Public Buildings Authority bonds, said it does not support the plan “as it is premised on a number of terms that violate Puerto Rico law, its constitution and PROMESA,” the 2016 U.S. law that created the oversight board.
Other groups that represent pensioners such as the Teachers Federation and the Government Retirees and Pensioners Federation rejected the proposal, noting that the court-appointed committee does not represent them in the negotiationsBefore former Governor Ricardo Rossello left office last month and was eventually replaced by Wanda Vazquez, Puerto Rico’s government opposed pension cuts.
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