Board offers $3B settlement to restructure Puerto Rico power company debt

A federal control board overseeing Puerto Rico’s finances has proposed a $3 billion settlement to restructure the U.S. territory’s power company debt, offering cash and new bonds to bondholders seeking $8.5 billion in claims. The settlement is $1.4 billion higher than a previous offer, aiming to resolve a decade-long debt restructuring effort for Puerto Rico’s Electric Power Authority.