Puerto Rico’s nearly five-year bankruptcy battle was resolved Tuesday after a federal judge signed a plan that slashes the U.S. territory’s public debt load as part of a restructuring and allows the government to start repaying creditors.
The plan marks the largest municipal debt restructuring in U.S. history and was approved after the judge held heated hearings in recent months and as the island struggles to recover from deadly hurricanes, earthquakes and a pandemic that deepened its economic crisis.
