Judge approves plan to reduce Puerto Rico agency’s debt

SAN JUAN, Puerto Rico (AP) — A federal judge has approved a plan to restructure some $6 billion of debt held by Puerto Rico’s Highways and Transportation Authority as the U.S. territory emerges from bankruptcy. The plan approved Wednesday saves Puerto Rico more than $3 billion in debt service payments, according to a federal control board that oversees the island’s finances. It has previously noted that 13% of the island’s highways are in good condition, compared with a median of 84% in the U.S. mainland. Only one government agency on the island has yet to restructure its debt: Puerto Rico’s Electric Power Authority, which holds some $9 billion in debt.