SAN JUAN: Puerto Rico has released a new proposal to restructure part of its $70 billion debt to buy time and implement a fiscal growth plan. The plan released on Monday calls for issuing up to $28 billion in new bonds that would allow creditors to be paid regardless of future economic growth. Government says the deal would allow Puerto Rico to cut $12 billion to $16 billion from its debt load. Investors’ groups have proposed tougher terms. They did not immediately comment on the new plan, which could mean a loss for some. Officials say the deal would reduce debt service-to-revenue ratio on tax-supported debt from 36 to 15 per cent.