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Puerto Rico moves to let utilities rework debt
Puerto Rico governor files bill to let public utilities, corporations restructure debt
Associated Press
2014-06-26 03:01 AM

SAN JUAN, Puerto Rico (AP) -- Puerto Rico's governor has submitted a bill that would let utilities and other public corporations restructure their debt, hoping to prevent a collapse of services as the U.S. territory struggles to emerge from a nearly eight-year recession.

Public corporations such as the government-owned power, water and sewer services account for nearly 40 percent of the island's total debt and officials fear the territory might have to step in to save them if they cannot restructure their obligations. That would add to an already-massive debt load of $70 billion.

Gov. Alejandro Garcia Padilla said Wednesday the measure does not apply to the government's own debt, or that of the island's 78 municipalities, the Government Development Bank or other entities.

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