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Puerto Rico extends key deadlines on $70 billion turnaround plan

Staff Writer |
Puerto Rico's federal oversight board voted on Saturday to give the debt-laden U.S. territory more time to submit a fiscal turnaround plan and to restructure $70 billion in debt without fear of lawsuits.

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The seven-member board voted at a public hearing in Fajardo, Puerto Rico, to extend to May 1 from February 15 a so-called stay on litigation over missed debt payments, which was part of the federal Puerto Rico rescue law known as PROMESA passed last year.

The board also voted to extend to February 28 from January 31 the deadline for new Governor Ricardo Rossello to submit a fiscal blueprint for the U.S. territory's return to economic stability, which the board must approve.

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