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

A federal control board overseeing Puerto Rico’s finances 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, $1.4 billion more than previously offered, aims to resolve a decade-long debt crisis, though concerns remain about potential funding through higher power bills.