Puerto Rico oversight board favors more time for restructuring talks

Reuters News
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Posted: Jan 18, 2017 4:44 PM

(Reuters) - Puerto Rico's federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory's government more time to negotiate restructuring deals with holders of some $70 billion in bonds.

In a letter to Governor Ricardo Rossello, the oversight board said it "is favorably inclined" to grant the governor's request to extend to May 1 from Feb. 15 a freeze on litigation from creditors over missed debt payments. It also said it favored extending until Feb. 28 from Jan. 15 a deadline for Rossello to submit a fiscal turnaround plan for the island.

Both requests will be taken up formally "later this month," the board said.

(Reporting by Nick Brown; Editing by Chris Reese)