The latest version of a bill to help aid the fiscally strapped island of Puerto Rico was unveiled late on Wednesday by House Republicans after a month of negotiations.
Top U.S. lawmakers expressing their support for the bill Wednesday.
"We have a bipartisan agreement [on the bill]….that does contain a restructuring that can work," US House of Representatives Democratic leader Nancy Pelosi told reporters at her weekly press briefing. "It calls for the oversight board to treat everyone equally and fairly and by that I mean pensioners and the rest" of the bondholders, she said.
Puerto Rico, which recently registered its largest default to date on May 2 when it failed to make a $367 million payment on bonds issued by the Government Development Bank, is struggling with a massive debt load of $70 billion in bonded indebtedness and an additional $43 billion asset deficit in the island's pension fund.