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Puerto Rico May Not Get Supreme Court to Take Up Restructuring Case

August 24, 2015

Puerto Rico appealed to the U.S. Supreme Court to reconsider its debt restructuring law, known as the Puerto Rico Public Corporation Debt Enforcement and Recovery Act, that was ruled unconstitutional by two lower courts because it violated the U.S. Bankruptcy Code. The commonwealth enacted the law in 2014 to permit its financially distressed utilities to restructure their debts. In an interview with The Bond Buyer, Jim Spiotto discussed the likelihood of the Supreme Court taking up Puerto Rico’s case.

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