SAN JUAN (Reuters) - Puerto Rican Governor Alejandro Garcia Padilla on Thursday issued an executive order authorizing the suspension of payment on approximately $800 million worth of constitutionally-guaranteed general obligation bonds due on July 1.
The suspension follows U.S. President Barack Obama’s signing into law earlier on Thursday of a plan that gives a federal oversight board authority for negotiating the restructuring of the island’s $70 billion debt and bringing the struggling U.S. territory’s finances under control.
Reporting by Nick Brown in San Juan; editing by Daniel Bases and G Crosse
