Mar
22
Puerto Rico Fights for Chapter 9 Bankruptcy in Supreme Court
By
El Morro fortress in Old San Juan. Puerto Rico has already defaulted on about $221 million of debt, prompting lawsuits by some of the affected creditors. CreditDennis Rivera for The New York Times
WASHINGTON — Debt-laden Puerto Rico went toe to toe with its creditors at the Supreme Court on Tuesday, arguing that it has been wrongly locked out of the bankruptcy courts, the only place it can reasonably expect to restructure its crushing debt.
“We’ve talked a lot about legal principles,” said the lawyer Christopher Landau, summing up his arguments on behalf of the commonwealth. “But this is also a flesh-and-blood situation in Puerto Rico.”…
Puerto Rico Fights for Chapter 9 Bankruptcy in Supreme Court
