Puerto Rico has received counter-offers to a proposal it made to creditors earlier in the year, and is working on a counterproposal, the U.S. territory said in a presentation posted on the website of its Government Development Bank on Tuesday.
In a plan made public in February, Puerto Rico asked its creditors to take a huge "haircut" that would slash its total outstanding debt by about $23 billion in an opening salvo to resolve a crippling debt crisis.
"The Commonwealth has received counteroffers from certain creditor groups and is working to develop a counterproposal that is responsive to all of the creditor feedback but falls within the parameters of the Commonwealth's ability to pay," Puerto Rico said in the presentation. (Reporting by Megan Davies; Editing by Phil Berlowitz)
Puerto Rico working on creditor counter proposal-presentation
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