The deal, which will still need to be approved by the judge overseeing the bankruptcy process, provides for an approximately 30% average haircut for all $35 billion.
Additionally, it will cut the Commonwealth's outstanding bond debt from $35 billion to approximately $11 billion.
Additionally, it will cut the Commonwealth's outstanding bond debt from $35 billion to approximately $11 billion. Of the more than $13 billion in outstanding general obligation or "GO" bonds covered in the plan, the bonds issued pre-2012 would receive between 70.8 and 74.8 cents on the dollar, while the 2012 and 2014 GO bonds would receive 69.8 cents on the dollar and 65.4 cents on the dollar, respectively.
That group holds approximately $2 billion in constitutionally backed debt and includes hedge funds Goldentree Asset Management, Monarch Alternative Capital, and Whitebox Advisors, according to public filings.
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