Michelle Kaske and Steven Church (
Bloomberg) report on a breakthrough in the Puerto Rican government’s bankruptcy struggle that removes one roadblock to the current plan for slashing $35 billion of its remaining debt.
Puerto Rico’s financial oversight board struck a deal with the main group of the island’s unsecured creditors, a breakthrough in the government’s bankruptcy that removes one roadblock to the current plan for slashing $35 billion of its remaining debt.
The deal, struck on the eve of a court hearing Tuesday, may also put pressure on the remaining bond insurers that are among the biggest creditors still fighting the proposed debt-restructuring plan.