Puerto Rico Electric Wins Debt-Cutting Deal With Creditors
- Accord with bondholders, insurers cuts debt by $600 million
- Closing restructuring will hinge on legislative approval
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Puerto Rico’s electric utility reached an agreement with insurance companies MBIA Inc. and Assured Guaranty Ltd. and bondholders to restructure its $8.2 billion of debt, marking a first step by the Caribbean island to reduce financial obligations that have left the government contending with a mounting fiscal crisis.