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Oversight Board Files Bankruptcy-Like Case to Cut the Island’s Debt

The process called Title III would allow the government to petition a court to cut debt amassed by more than a dozen agencies

3 de mayo de 2017 - 1:13 PM

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This content was published more than 7 years ago.
The financial collapse promises to impose deep losses on bondholders who for years snapped up Puerto Rico’s securities, even as the government contended with a shrinking economy and chronic budget shortfalls. (GFR Media)
The financial collapse promises to impose deep losses on bondholders who for years snapped up Puerto Rico’s securities, even as the government contended with a shrinking economy and chronic budget shortfalls. (GFR Media)

Puerto Rico’s governor, Ricardo Rosselló, said the federal Oversight Board (OB) agreed to use bankruptcy-like proceedings to slash the island’s $70 billion debt after failing to strike an agreement with bondholders, pushing the territory toward the biggest restructuring ever by a U.S. state or local government.

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