- A deal to restructure Puerto Rico's troubled power utility's debt fell apart on Saturday, after lawmakers missed a deadline to approve key conditions for the proposed bond swap.
- The agreement would have cut the utility's annual payments by almost half over the next five years, while granting bondholders and insurers safer debt and investor protections.
- Officials had pointed to the deal as a model for other restructuring negotiations as the island seeks relief from creditors who hold nearly $72B of its debt.
- Previously: Puerto Rico debt crisis just got worse (Jan. 19 2016)
- Previously: Some debt relief for Puerto Rico (Dec. 24 2015)