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House Sub-Committee Holds Puerto Rico Bankruptcy Hearing


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House Sub-Committee Holds Puerto Rico Bankruptcy Hearing

Jubilee USA

WASHINGTON - A US House of Representatives Judiciary sub-committee is discussing legislation to give Puerto Rico's public utilities access to US bankruptcy protection. The Subcommittee on Regulatory Reform, Commercial and Antitrust law is meeting to debate HR 870, a bill introduced by Puerto Rico's Representative in Congress. Puerto Rico has more than $70 billion in public debt, about $20,000 per resident. The island's government attempted to restructure its public utility company's debts but was stopped by a court ruling.

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