November 6, 2018 / 7:19 PM / 10 days ago

Puerto Rico gets approval of first consensual debt restructuring deal

SAN JUAN, Nov 6 (Reuters) - A U.S. judge on Tuesday approved Puerto Rico’s first consensual debt restructuring deal, helping wind down the Government Development Bank, the island’s former fiscal agent.

The deal addresses approximately $4 billion out of the U.S. commonwealth’s $72 billion in existing debt. In total, the bankrupt island has $120 billion in both debt and pension obligations. (Reporting by Luis Valetin Ortiz in San Juan; Editing by Daniel Bases and James Dalgleish)

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