Two empty chairs at the U.S. Supreme Court could be full of significance as the remaining justices consider whether Puerto Rico can ease its fiscal crisis with a law that would let the island’s public utilities restructure more than $20 billion in debt, Bloomberg reported today. The U.S.
Puerto Rico in Distress
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Saying no to a Puerto Rico bankruptcy will simply leave the territory with a zombie economy that cannot ever right itself, according to an opinion in yesterday’s The Wall Street Journal. Instead, consider the advantages of using the Puerto Rican bankruptcy as an opportunity to write the law that creates the model for the future state bankruptcies.
Senate Finance Committee chair Orrin Hatch (R-Utah) on Thursday called for Democrats and the administration to be more transparent and realistic after proposing "unworkable" solutions to Puerto Rico's crisis, as Congress continues to work toward bipartisan legislation for the commonwealth, The Bond Buyer reported today.
Puerto Rico Gov. Alejandro García Padilla on Thursday said he wants to see Congress act on a debt restructuring bill that at the very least provides the island with a reprieve from debt litigation before a financial control board starts overseeing the commonwealth’s finances, the Morning Consult reported yesterday.