The Supreme Court will hear oral arguments today on whether chapter 9 of the federal bankruptcy code, which does not apply to Puerto Rico, nevertheless preempts or makes illegal a law adopted by the commonwealth that would allow its utilities to restructure their debts, BondBuyer.com reported. Seven of the high court's members will hear arguments for one hour.
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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.
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.