Puerto Rico accepts revenue cut in $115M transportation deal

Puerto Rico's Highways and Transportation Authority has agreed to take a revenue cut amid a financial crisis to reach a $115 million deal with the company that manages the island's toll roads.

Spanish-based Abertis said in a statement Thursday that subsidiary Metropistas will manage the island's busiest toll road and others for 10 more years. In exchange, the transportation agency will reduce its percentage of revenue collections from 50 percent to 25 percent.

A government spokeswoman did not immediately return a message for comment.

Abertis said it will make an initial $100 million payment followed by $15 million by June 2017 at the latest.

Puerto Rico's government is running out of money amid a decade-long economic crisis and is seeking to restructure $70 billion in public debt.