In a move that could dwarf the massive municipal bankruptcy of Detroit in 2013, the government of Puerto Rico indicated Wednesday that it would begin a bankruptcy-type process to restructure some $73 billion in debt.
Puerto Rico, which is barred under federal law from seeking Chapter 9 protection in a U.S. bankruptcy court, instead filed a petition for relief with a U.S. district court in San Juan. Proskauer Rose restructuring partners Martin Bienenstock, Scott Rutsky and Philip Abelson in New York are working with Hermann Bauer of San Juan’s O’Neill & Borges in advising The Financial Oversight and Management Board for Puerto Rico, according to the court filing.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]