Judge’s ruling advances plan to restructure $10 billion debt of Puerto Rico’s power company
SAN JUAN, Puerto Rico (AP) — A federal judge has tentatively approved a portion of the newest plan to restructure $10 billion of debt owed by Puerto Rico’s power company amid heated negotiations between creditors and the U.S. territory’s government. The overall debt restructuring plan has been amended four times this year by a federal control board that oversees Puerto Rico’s finances. It has yet to receive final confirmation as various bondholders continue to oppose it. The board did not have immediate comment on the judge’s decision Tuesday regarding the plan’s disclosure statement. It requires modifications before bondholders vote on it.
