(Reuters) - Puerto Rico would shed about billion of debt and move closer to exiting bankruptcy under an agreement with bondholders announced on Sunday by the U.S. commonwealth's federally-created financial oversight board.
The deal cuts billion of bonds and claims to about billion and increases the ranks of general obligation (GO) and Public Buildings Authority bondholders that signed onto a plan to restructure core government debt and more than billion in pension obligations that the board filed in U.S. District Court in September.