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Puerto Rico Has U.S. Board's Backing to Redo Utility Debt Deal

  • Governor says some creditors didn’t make adequate concessions
  • Creditors say it could dash effort to cut island’s entire debt
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Puerto Rico Governor Hopeful About Turnaround Plan

Puerto Rico’s U.S. overseers threw support behind Governor Ricardo Rossello’s push for deeper concessions in the electric utility’s debt-cutting agreement, setting up a clash with creditors who said it jeopardizes the broader effort to restructure the territory’s $70 billion debt.

Speaking before a House panel in Washington, Ana Matosantos, a member of the federal board tasked with helping Puerto Rico end its fiscal crisis, said the panel would approve revisions to the 15-month-old deal if the governor presented it to them. Rossello, who took office in January, said he’s concerned about the effect the current accord will have on residents’ bills.