- Judge Swain begins confirmation hearings on debt plan
- Island seeking to cut $22 billion of bonds to $7.4 billion
Puerto Rico is making its case in bankruptcy court for a plan to slash billions of dollars in debt, an expensive process that has so far racked up nearly $1 billion in legal and professional fees that island residents will pay.
Hurricanes, earthquakes, ousting a governor from office and the coronavirus pandemic have prolonged the commonwealth’s bankruptcy to more than four years, adding to its costs and keeping the island under a cloud of default.
Bloomberg Markets
By Michelle Kaske and Steven Church
November 8, 2021, 4:00 AM PST Updated on November 8, 2021, 8:29 AM PST