Wednesday, May. 3, 2017

Puerto Rico announces historic debt restructuring in court

By The Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico's governor has announced a historic restructuring of a portion of the U.S. territory's $70B debt through courts after negotiations with bondholders failed.

Gov. Ricardo Rossello said Wednesday that a federal control board overseeing the island's finances has agreed with his request to put the debts before a court. It's a process similar to bankruptcy.

The island was hit with several lawsuits on Tuesday after a freeze on litigation that protected the government from lawsuits by creditors expired. The restructuring through courts will once again protect Puerto Rico from such lawsuits.

2017-05-03 14:49:43 GMT

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