Puerto Rico exits bankruptcy after grueling debt negotiation
By DÁNICA COTO, Associated Press
Published: March 15, 2022, 8:03am
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FILE - In this July 29, 2015 file photo, the Puerto Rican flag flies in front of Puerto Rico's Capitol as in San Juan, Puerto Rico. Puerto Rico's government formally exited bankruptcy Tuesday, March 14, 2022, 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. (AP Photo/Ricardo Arduengo, File)
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.
The exit means that the U.S. Caribbean territory’s government will resume billion-dollar payments to bondholders for the first time in several years, settle some $1 billion worth of claims filed by residents and local businesses and issue more than $10 billion worth of bonds.
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