Puerto Rico Board Strikes Tentative Debt Deal With Creditors
- Board says it reached agreement in principle with creditors
- Financial board seeks to file debt adjustment plan by March 8
Photographer: Erika P. Rodriguez/Bloomberg
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Puerto Rico’s financial oversight board reached a tentative agreement with investors on how to reduce $18 billion of bond debt and is seeking additional time to file a formal adjustment plan to the court.
The board Wednesday asked a court overseeing Puerto Rico’s record bankruptcy to give the panel and creditors more time to finalize an accord, according to a court document. The board is seeking to file a debt restructuring plan by March 8. It had a Feb. 10 deadline to submit a plan or term sheet.