New legislation will allow Puerto Rico debt restructure

Debt-hobbled Puerto Rico will be able to restructure its debt in a bankruptcy-style arrangement under new legislation agreed by the US Congress and the White House Thursday. The "Promesa" legislation will place the US territory under a powerful oversight board that will be charged with overseeing fiscal and structural reforms aimed at stabilizing its finances. Locked in recession for more than a decade and increasingly unable to service its debt, Puerto Rico was blocked by US law from entering f