Puerto Rico has received counteroffers 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. (bit.ly/1QkO2uI)
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.
Creditors of Puerto Rico's sales tax authority, COFINA, made a counteroffer in February, saying they would extend maturities but forgo cuts to principal that the original offer would entail.
Other creditor groups which have organized include holders of general obligation bonds and Government Development Bank bonds, Puerto Rico's presentation said. (Reporting by Megan Davies; Editing by Phil Berlowitz)
UPDATE 1-Puerto Rico working on creditor counterproposal-presentation
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