Puerto Rico debt-restructuring bill advances amid criticism

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s Senate and House have approved a bill that would slash the central government’s debt by half but also sparked protests and led to fiery exchanges between lawmakers and a federal control board that oversees the U.S. territory’s finances. The bill approved Tuesday aims to end a bankruptcy-like process that began after Puerto Rico announced in 2015 that it could not pay its more than $70 billion public debt load. The bill would allow Puerto Rico to cut its debt by some $26 billion, issue new debt worth $10 billion and award some $7 billion in cash to bondholders who have not been paid for nearly five years.