Any write-downs also would impact bond insurers Assured Guaranty Ltd., MBIA Inc. and Ambac Financial Group, which have guaranteed billions of dollars of Puerto Rico's bonds. Negotiations revolved around a board-approved fiscal plan that allocates about $800 billion a year to creditors for the next decade, less than a quarter of what they are owed. Creditors called it a slap in the face, saying the board wasn't trying in good faith to reach a consensus and avoid litigation. The Title III request, while unprecedented, isn't unexpected.