Puerto Rico’s U.S. overseers threw support behind Governor Ricardo Rossello’s push for deeper concessions in the electric utility’s debt-cutting agreement, setting up a clash with creditors who said it jeopardizes the broader effort to restructure the territory’s $70 billion debt, Bloomberg News reported yesterday. Speaking before a House Natural Resources Committee hearing yesterday, Ana Matosantos, a member of the federal board tasked with helping Puerto Rico end its fiscal crisis, said that the panel would approve revisions to the 15-month-old deal if the governor presented it to them. Rossello, who took office in January, said that he’s concerned about the effect the current accord will have on residents’ bills. Read more.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.
