The bill, called the Puerto Rico Oversight, Management and Economic Stability Act, was passed by the U.S. Senate Wednesday in a 68-30 vote, The New York Times reports. The relief measure was subsequently sent to President Obama for his signature.
The relief package does not permit Puerto Rico from missing a payment due Friday. However, it would allow the island’s government to restructure its $72 billion total debt so it can manage payments and create a bipartisan oversight board to guide a recovery process, according to the report. The New York Times notes the bill also would bar creditors from retroactively suing the territory for missing payments since December.
The U.S. House passed the bill earlier this month.
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