Puerto Rico Loses Bid for Restructuring Law as Crisis Mounts
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Puerto Rico failed in its bid to revive a restructuring law that investors say conflicts with the U.S. bankruptcy code, a blow to the commonwealth as it falls deeper into a fiscal crisis.
Lawyers for Puerto Rico had asked the U.S. Court of Appeals in Boston to reinstate a local law to help it deal with $72 billion in debt. The court resisted on Monday, agreeing instead with a San Juan judge who threw out the statute in February.