Puerto Rico would reduce a major portion of its debt by more than 60% under a long-awaited restructuring proposal the bankrupt U.S. commonwealth’s federally created financial oversight board filed in court on Friday. The so-called plan of adjustment covering $35 billion of bonds and claims and more than $50 billion of pension liabilities would allow Puerto Rico to exit a form of bankruptcy that commenced in May 2017 if it wins U.S. District Court approval. “This is the beginning of the end of Puerto Rico’s bankruptcy process,” José Carrión, chairman of the oversight board, told reporters following a public hearing on the plan.
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