×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: puerto rico | bankruptcy

Puerto Rico Gets Green Light to End Five-Year Bankruptcy

Puerto Rico Gets Green Light to End Five-Year Bankruptcy
(Dreamstime)

Tuesday, 18 January 2022 03:44 PM EST

The judge overseeing Puerto Rico’s nearly five-year-long debt restructuring process has approved a debt adjustment plan that is intended to revitalize the commonwealth's economy and reduce its $135 billion in liabilities.

U.S. District Judge Laura Taylor Swain, who splits her time between Manhattan and San Juan federal courts, approved the plan in an order filed on Tuesday, bringing nearly half a decade of litigation over the Puerto Rico’s financial standing to a close.

Puerto Rico filed for protection under a bankruptcy-like law, known as Title III, in May 2017. Its $135 billion in liabilities included more than $55 billion in underfunded pension obligations. The debt adjustment plan, proposed by a federally-appointed financial oversight board, incorporates settlements among a wide array of distinct creditor groups.

The plan reduces $33 billion in bond debt to $7 billion. 

© 2022 Thomson/Reuters. All rights reserved.


Newsfront
The judge overseeing Puerto Rico's nearly five-year-long debt restructuring process has approved a debt adjustment plan that is intended to revitalize the commonwealth's economy and reduce its $135 billion in liabilities.U.S. District Judge Laura Taylor Swain, who splits...
puerto rico, bankruptcy
135
2022-44-18
Tuesday, 18 January 2022 03:44 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved