The U.S. Supreme Court ruled that Puerto Rico can't restructure more than $20 billion in public debt as it tries to overcome a decadelong economic crisis.
June 14, 2016 at 11:00 PM
1 minute read
The U.S. Supreme Court ruled that Puerto Rico can’t restructure more than $20 billion in public debt as it tries to overcome a decadelong economic crisis.
The 5-2 ruling on Monday said that federal bankruptcy law bars Puerto Rico from enacting its own law to restructure the debt of its financially ailing public utilities. The decision means the U.S. territory must wait for Congress to pass debt-relief legislation that would address its fiscal woes.
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