Puerto Rico Bankruptcy

//Puerto Rico Bankruptcy

Puerto Rico Bankruptcy

It appears that Puerto Rico has become the first American state or territory in history to seek bankruptcy-type protection. Puerto Rico is proceeding under a federal law enacted last summer, “Promesa,” which is similar to Chapter 9 bankruptcy protection for municipalities. Apparently, Puerto Rico has $123 billion dollars of debt and pension obligations. In comparison, Detroit sought bankruptcy protection in 2013 to get relief from a purported $18 billion in debt.

By | 2017-10-19T03:19:32+00:00 October 19th, 2017|Uncategorized|0 Comments

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