February 10, 2020 / 12:13 AM / 8 days ago

BRIEF-Puerto Rico's financial oversight board says deal reached to cut Puerto Rico's debt by $24 bln

Feb 9 (Reuters) - Puerto Rico’s financial oversight board:

* FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO SAYS REACHES NEW, ‘MORE FAVORABLE’ AGREEMENT TO RESTRUCTURE $35 BILLION OF LIABILITIES

* REACHED AGREEMENT WITH CERTAIN BONDHOLDERS OF PUERTO RICO ON FRAMEWORK FOR PLAN OF ADJUSTMENT TO RESOLVE $35 BILLION OF DEBT & NON-DEBT CLAIMS

* NEW AGREEMENT REDUCES COMMONWEALTH’S DEBT SERVICE BY 56%, TO $39.7 BILLION FROM $90.4 BILLION

* NEW AGREEMENT REDUCES $35 BILLION OF DEBT, OTHER LIABILITIES BY 70%, OR $24 BILLION, TO LESS THAN $11 BILLION

* NEW AGREEMENT WAS APPROVED BY MAJORITY OF MEMBERS OF OVERSIGHT BOARD

* OVERSIGHT BOARD AGREED TO SETTLE ITS CHALLENGE OF $6 BILLION OF BONDS THAT THE OVERSIGHT BOARD CONTENDS EXCEEDED THE COMMONWEALTH DEBT LIMIT Source t.co/fohJag6LY7?amp=1

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