Puerto Rico Files for Historic $70 Billion Debt Restructuring
- Court option was extended in U.S. rescue law enacted last year
- The proceedings will dwarf Detroit’s record-setting bankruptcy
Miller Buckfire MD Says Title III Will Help Puerto Rico
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Puerto Rico has finally and officially filed for protection from its creditors in what amounts to the biggest municipal bankruptcy in U.S. history.
Now comes the real reckoning. After years of wrangling in Washington, San Juan and on Wall Street -- a fight that has pitted hedge funds against some of the poorest U.S. citizens -- a federal judge may at last help decide who gets paid, and how much.