title: Puerto Rico holding call with creditors, to tweak restructuring plan: official
text: NEW YORK (Reuters) - Puerto Rico is talking to creditors on Friday to discuss adjusting its long-anticipated restructuring plan unveiled in September, its Government Development Bank president Melba Acosta said in a statement.  Facing $70 billion in debt and a 45 percent poverty rate, Puerto Rico is trying to solve an economic crisis before it hits substantial debt payments in May and July. It has defaulted on some of its debt and is trying to persuade creditors to take concessions.  In September, Puerto Rico officials unveiled the sweeping Puerto Rico Fiscal and Economic Growth Plan (FEGP), which included cuts to teacher pensions, a new financial control board and restructuring $18 billion of debt due in the coming five years. The proposed plan was subject to negotiation with creditors and relied on significant action from Washington as well as passing legislative hurdles in the U.S. territory.  “The FEGP is being revised given the recent reduction in revenue projections already reported by PR Treasury,” Acosta said, adding that it would be extended from five years to ten. A conference call with creditors is taking place on Friday, she said.  “Given this, the restructuring proposal is being adjusted accordingly,” she said.  The island’s Treasury said in December it had revised revenue estimates for the full year 2016 to $9.3 billion from $9.8 billion, a $508 million reduction. 