Puerto Rico oversight board enters agreement to address debt claims By Reuters

(Reuters) – Puerto Rico’s federally created financial oversight board said on Sunday it has entered into an agreement with bondholders to provide “a framework for a plan of adjustment” to address $35 billion of claims against the U.S. territory.

The agreement establishes terms for the restructuring of more than $18 billion in Puerto Rico’s General Obligation (GO) and Public Buildings Authority (PBA) debt.

The plan has the support of creditors holding about $3 billion in total GO and PBA claims, the Financial Oversight and Management Board for Puerto Rico said.

It expects to submit a debt-adjustment plan in Puerto Rico’s court-supervised bankruptcy for approval within 30 days, according to the statement.

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