Puerto Rico Files for Bankruptcy

By artappraiser on Thu, 05/04/2017 - 4:43am |

The island territory owes its creditors $70 billion, marking the largest bankruptcy in the U.S. municipal bond market’s history.

By Yasmeen Serhan @ TheAtlantic.com, May 3

[....] Since Puerto Rico is a U.S. territory, it’s barred from filing for traditional bankruptcy. Rosselló said the government would seek relief under the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA, which was passed by Congress last June to address Puerto Rico’s impending financial crisis. As my colleague Gillian B. White reported at the time, it was not without controversy [....]

URL:

https://www.theatlantic.com/news/archive/2017/05/puerto-rico-files-for-bankruptcy/525258/