SAN FRANCISCO — Southern California’s San Joaquin Hills toll road has gotten a green light from bondholders to restructure $2 billion of debt that helps avoid a default.

The long-struggling San Joaquin Hills Transportation Corridor Agency said in a statement Friday that bondholders have consented to changing agreements that include shrinking coverage-ratio requirements, reducing debt-service payments for the next 13 years, and extending some bond maturities.

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