May 3, 2017 / 2:51 PM / 3 years ago

Puerto Rico governor says seeking Title III bankruptcy for island

May 3 (Reuters) - Puerto Rico Governor Ricardo Rossello told reporters on Wednesday he has requested that the U.S. territory’s federal financial oversight board commence a Title III proceeding under last year’s Puerto Rico rescue law known as PROMESA.

Title III is an in-court debt restructuring process akin to U.S. Bankruptcy. Rossello’s remarks come a day after several major creditors sued his government over defaults on the island’s $70 billion in debt. (Reporting by A Contributor in San Juan; Writing by Nick Brown)

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