Puerto Rico Bankruptcy Puts Pensions At Risk

Law360, New York (May 17, 2017, 5:40 PM EDT) -- On May 3, 2017, the commonwealth of Puerto Rice, a United States territory, filed a petition for bankruptcy relief under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA, 48 United States Code §§ 2101 et seq.). PROMESA is a law that was enacted in 2016 to create a vehicle for U.S. territories, but primarily Puerto Rico, to restructure debt in a bankruptcy-like proceeding. The petition was filed in the U.S. District Court for the District of Puerto Rico.

Puerto Rice has been in financial difficulty...
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