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Wednesday, 23 March 2016
Puerto Rico Digging Debts of Despair
"It is very significant that the Supreme Court took this case — we're seeing efforts to try to determine with some more clarity the status of Puerto Rico," said bankruptcy expert Melissa Jacoby, a professor at the University of North Carolina School of Law.
Puerto Rico will ask the U.S. Supreme Court on Tuesday to validate a law that could let it cut billions of dollars from what it owes in debt at some public agencies, a key test in the island’s efforts to weather a massive fiscal crisis.
The U.S. territory, facing what its governor has called an unpayable $70 billion debt and a 45 percent poverty rate, will argue its case against creditors, including Franklin Advisers and OppenheimerFunds, who want to keep contentious restructuring talks out of court.
As Puerto Rico leaders, creditors and U.S. lawmakers seek a debt solution in the U.S. Congress, the question before the Supreme Court is whether the island should be allowed to restructure debts under a court-supervised regime similar to Chapter 9 bankruptcy laws used by U.S. cities such as Detroit and Stockton, California.
Posted by Unknown at 08:15
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