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And the Puerto Rico Government Development Bank. Still pending are the restructuring of debts owed by the Puerto Rico Highways and Transportation Authority and the Puerto Rico Electric Power Authority, which holds about $9 billion in debt, the largest of any public corporation.
Puerto Rico's $70 billion public debt was issued by more than a dozen local government entities and public corporations, as well as the public employee retirement system. The Puerto Rican government declared its debt "unpayable" in 2015 following decades of mismanagement, corruption and excessive borrowing.
Puerto Rico's debt-servicing costs will fall to roughly $666 million for the next 10 years, from $2.1 billion before its default. Creditors will receive $7.4 billion in new debt and $7 billion in cash, as well as tradable securities known as contingent value instruments that pay out if the economy improves.
Puerto Rico formally exits bankruptcy after public debt restructuring. SAN JUAN, Puerto Rico Puerto Rico's government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt.
Puerto Rico's government declared in 2015 that it could not afford to pay its more than $70 billion public debt load it had accumulated through decades of mismanagement, corruption and excessive borrowing.
In August 2018, a debt investigation report of the Financial Oversight and management board for Puerto Rico reported the Commonwealth had $74 billion in bond debt and $49 billion in unfunded pension liabilities as of May 2017. Puerto Rico officially exited bankruptcy on March 15, 2022.
The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum.
The Plan of Adjustment also establishes a debt management policy to "prevent Puerto Rico from repeating past practices that led to the accumulation of its unsustainable debt," according to the board release. New debt may only be used to finance capital improvements, not operating deficits.
Puerto Rico, an island in the Caribbean Sea, has been a territory of the United States since 1898, after the U.S. defeated Spain in the Spanish-American war. It's classified as an unincorporated territory, meaning the island is controlled by the U.S. government but is separate from the mainland.
SAN JUAN, Puerto Rico Puerto Rico's government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt.