Overview
- Senate Economy and Budget committees issued a favorable report on the bill, clearing the way for a floor vote in the first week of May.
- Officials said creditors granted a new closing date of May 31, easing pressure that had built around the original April 30 cutoff.
- The plan authorizes $171 million in total, with $67 million for Bainbridge and $104 million for the Attestor-led group.
- Payments would occur at the same time the funds deliver unencumbered bonds for cancellation, paired with a clause that blocks new lawsuits.
- The government cites a haircut of more than 30% and the chance to halt punitive interest and asset seizure bids in U.S. courts from creditors that skipped the 2016 swap.