![]() Much of the debt has been restructured, but the $9 billion held by Puerto Rico’s power company - the largest debt of any government agency - has yet to be resolved after mediation talks failed. Nearly five years later, a federal judge in January approved a plan to slash the territory's debt and allow the government to start repaying creditors. In 2017, Puerto Rico filed for the largest municipal bankruptcy in U.S. ![]() ![]() Congress created the board in 2016, a year after Puerto Rico announced that it was unable to pay more than $70 billion of public debt accumulated through decades of mismanagement, corruption and excessive borrowing. “For me to be part of the solution is exciting.” “It is an enormous challenge,” he said of the new job. But the board reached out to Mujica, who sought to return to an island where he spent summers as a child and whose parents and grandparents are from the north coastal town of Arecibo.
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