Puerto Rico Makes Unprecedented Move To Restructure Billions In Debt
The territory, which is ineligible for bankruptcy, filed to begin a similar procedure tailor-made for its more than $70 billion debt crisis, which is likely to dwarf Detroit's 2013 Chapter 9 filing.
Puerto Rico has asked for a form of bankruptcy protection to help it grapple with more than $70 billion in public-sector debt. The unprecedented maneuver, requested by the governor and filed shortly afterward by a federal oversight board, sets in motion what would likely be the largest municipal debt restructuring in U.S. history.
By comparison, , which sought relief
