New Delhi, July 1 -- A federal control board that oversees Puerto Rico's finances announced Tuesday that it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory's power company.

The board is proposing paying cash and offering the issuance of new bonds to bondholders that have not settled and are seeking some $8.5 billion in claims.

The proposed settlement represents $1.4 billion more than previously offered.

Puerto Rico's Electric Power Authority has been trying to restructure its debt for roughly a decade, after the U.S. territory announced in 2015 that it was unable to pay its more than $70 billion debt load. That prompted U.S. Congress to cre...