HTA Plan Filed in Court Proposes 80% Debt Cut; Requires Restructuring, Toll Hikes

Proposes 80% Debt Cut; Requires Restructuring, Toll Hikes

Puerto Rico’s Financial Oversight and Management Board (FOMB) announced on Monday that it had filed a plan of adjustment (POA) in federal court to restructure about $6.4 billion in claims against the commonwealth Highway & Transportation Authority (HTA).

The plan—filed before U.S. District Judge Laura Taylor Swain, who oversees the Title III bankruptcy- like cases under the Puerto Rico Oversight, Management and Economic Stability Act (Promesa)— cuts outstanding HTA debt by more than 80 percent, to $1.2 billion, and saves the commonwealth more than $3 billion in debt service payments, according to a press release issued by the oversight board.

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