Puerto Rico Approved to Exit Bankruptcy, Ending Record Saga
- Court approval allows Puerto Rico to begin exiting bankruptcy
- Plan reduces $22 billion of municipal bonds to $7.4 billion
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The judge overseeing Puerto Rico’s bankruptcy approved its debt-cutting plan, a decision that leaves the island poised to exit bankruptcy after hurricanes, political turmoil and the pandemic prolonged the more than four-year process.
U.S. District Court Judge Laura Taylor Swain released the ruling Tuesday, saying “the provisions of the plan constitute a good faith, reasonable, fair, and equitable compromise and settlement of all claims and controversies resolved pursuant to the plan.”