Puerto Rico exits bankruptcy after grueling debt negotiation

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s government is formally exiting bankruptcy after completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt. Tuesday’s exit means the U.S. territory’s government will resume billion-dollar payments to bondholders for the first time in several years and will settle some $1 billion worth of claims filed by residents and local businesses. The bankruptcy led to widely criticized austerity measures on an island that paid some $1 billion in fees to consultants and lawyers and for other expenses during the bankruptcy process.