Deal reached to cut bankrupt Puerto Rico’s debt by $24 billion

US

FILE PHOTO: The flags of the U.S. and Puerto Rico fly outside the Capitol building in San Juan, Puerto Rico May 4, 2017. REUTERS/ Alvin Baez

(Reuters) – Puerto Rico would shed about $24 billion of debt and move closer to exiting bankruptcy under an agreement with bondholders announced on Sunday by the U.S. commonwealth’s federally-created financial oversight board.

The deal cuts $35 billion of bonds and claims to about $11 billion and increases the ranks of general obligation (GO) and Public Buildings Authority bondholders that signed onto a plan to restructure core government debt and more than $50 billion in pension obligations that the board filed in U.S. District Court in September.

Reporting By Karen Pierog; Editing by Nick Zieminski

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