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Bankruptcy Law

Puerto Rico Board Moves to Restart Debt Talks With Creditors

Nov. 20, 2020, 5:17 PM

Puerto Rico’s financial oversight board approved pitching bondholders on a new restructuring offer to restart negotiations over how to reduce $18 billion of debt backed by the island’s central government, the last major portion left in its more than three-year long bankruptcy.

The federally-appointed panel is seeking to restart debt discussions with creditors after Judge Laura Taylor Swain last month gave the board a Feb. 10 deadline to file a plan that’s supported by creditors. The oversight board also agreed to allow the island’s water utility to work on a potential debt refunding for savings.

“It’s important to move forward...

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