Puerto Rico officials hold 1st meeting with creditors to discuss restructuring island's debt

Puerto Rican officials and advisers are holding the first of what they say are several meetings with creditors to explain why they believe it is necessary to restructure the U.S. territory's public debt.

Monday's live-streamed meeting with investors comes roughly two weeks after Gov. Alejandro Padilla announced that Puerto Rico's $472 billion public debt is unpayable given the island's nearly eight-year-long recession. He is seeking a payment moratorium from bondholders.

Government Development Bank President Melba Acosta disclosed few specifics in Monday's meeting.

She told investors that the island is "committed to developing a comprehensive package of reforms" and that a credible recovery and fiscal adjustment plan is still being drawn up. She said Padilla will propose a financial control board with the "tools necessary to compel compliance" with the plan.