Bush Backs Bankruptcy Help for Puerto Rico Promoted in HouseMichelle Kaske, Alexander Lopez and Joi Preciphs
Puerto Rico and its public agencies, struggling under $73b in debt, should be able to seek bankruptcy protection, probable Republican presidential candidate Jeb Bush said Tuesday during visit there.
- Commonwealth officials are promoting bill that would enable some agencies to access Chapter 9 under federal bankruptcy law; only municipalities on the mainland can seek Chapter 9; bill is H.R. 870
- NOTE: Junk-bond rated Puerto Rico has struggled to grow since 2006; its main electricity provider is in talks with creditors and may ask them to take a loss on about $8.6b
Before it's here, it's on the Bloomberg Terminal. LEARN MORE