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Puerto Rico Will Request Bankruptcy Protection
Puerto Rico is requesting bankruptcy protection, Gov. Ricardo Rosselló said, setting up a showdown with Wall Street firms owed billions of dollars in the largest U.S. municipal debt restructuring ever.
The governor said he would petition Puerto Rico's federal oversight board to invoke a quasi-bankruptcy law that puts its standoff with creditors before a judge. Puerto Rico and its agencies owe $73 billion to creditors, dwarfing the roughly $18 billion owed by the city of Detroit when it entered what was previously the largest municipal bankruptcy in 2013.
Another chance to watch/learn the resulting impact to the population.
Puerto Rico is requesting bankruptcy protection, Gov. Ricardo Rosselló said, setting up a showdown with Wall Street firms owed billions of dollars in the largest U.S. municipal debt restructuring ever.
The governor said he would petition Puerto Rico's federal oversight board to invoke a quasi-bankruptcy law that puts its standoff with creditors before a judge. Puerto Rico and its agencies owe $73 billion to creditors, dwarfing the roughly $18 billion owed by the city of Detroit when it entered what was previously the largest municipal bankruptcy in 2013.
Another chance to watch/learn the resulting impact to the population.
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