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Supreme Court Hears Puerto Rico Bankruptcy Case


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Supreme Court Hears Puerto Rico Bankruptcy Case

Jubilee USA

WASHINGTON - The US Supreme Court hears arguments on whether Puerto Rico's courts can restructure about $20 billion of the US territory's $72 billion debt. Puerto Rico's legislature passed the 2014 "Recovery Act" which empowers the island's courts to restructure debt belonging to Puerto Rico's public companies. The First Circuit Court of Appeals previously ruled in 2015 that only Congress can determine how to restructure Puerto Rico's debt under US bankruptcy law.

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