High Court's Ch. 9 Stance Key To Puerto Rico's Fate
By Jonathan Randles (December 8, 2015, 7:35 PM EST) -- The question of whether the Puerto Rican government has the authority to restructure its debt likely hinges on the U.S. Supreme Court's openness to a new interpretation of the Bankruptcy Code that says Congress gave states and territories autonomy in managing financially distressed municipalities, experts say.
The Supreme Court last week agreed to review two cases over Puerto Rico's legislative response to its $73 billion debt crisis. The latest appeal stems from two First Circuit rulings that held a law Puerto Rico passed in 2014 that would have established a unique regime in the commonwealth for restructuring municipal debt was unconstitutional....
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