The judge overseeing Puerto Rico's nearly five-year-long debt restructuring process has approved a debt adjustment plan that is intended to revitalize the commonwealth's economy
U.S. District Judge Laura Taylor Swain approved the plan in an order filed on Tuesday, bringing nearly half a decade of litigation over Puerto Rico's financial standing to a close.Puerto Rico filed for protection under a bankruptcy-like law, known as Title III, in May 2017. Its $135 billion in liabilities included more than $55 billion in underfunded pension obligations.
Swain noted in Tuesday's decision that the plan has"broad but not universal support," with many public workers and retirees, among others, taking issue with certain aspects.Read MoreThe oversight board has said that under the plan, most government retirees are still in line to receive their full pensions at their current levels. However, the plan terminates defined-benefit retirement programs that cover tens of thousands of teachers and judges.
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