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Supreme Court Rules Against Puerto Rico In Debt Restructuring Case
[Daily Caller] The Supreme Court shot down a law that would have allowed Puerto Rico to restructure approximately $20 billion of its debt in a 5-2 decision Monday.The ruling stops the island, which faces a $72 billion debt burden, from re-enacting a law allowing it to restructure its public utilities debt ‐ meaning debt restructuring will be left up to the U.S. Congress, the Associated Press reports. "The term ’State’ includes the District of Columbia and Puerto Rico, except for the purpose of defining who may be a debtor under chapter 9 of this title," the opinion of the court reads. Justices Sonia Sotomayor and Ruth Bader Ginsburg filed a dissenting opinion, arguing the island needs bankruptcy rights to start fresh and get back on a path toward fiscal solvency Posted by: Besoeker 2016-06-14 |
| http://www.rantburg.com/poparticle.php?ID=459165 |