Puerto Rico Senate OKs Debt Restructuring Bill, Shields Pensions

Oct. 7, 2021, 1:23 AM

Puerto Rico’s Senate passed a debt-restructuring bill late Wednesday that makes the issuance of new bonds contingent on protecting public pensions.

  • The amended bill will have to get approval from Puerto Rico’s House of Representatives before it can be signed by Governor Pedro Pierluisi
  • New bonds are seen as fundamental to restructuring some $19 billion in debt and pulling the U.S. commonwealth out of bankruptcy
  • The federally-appointed oversight board handling the bankruptcy has said some public pension cuts are necessary, despite opposition from lawmakers and Pierluisi
  • The Senate bill also guarantees that the University of Puerto Rico will receive $500 ...

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