Search Results for: chapter 9

AZ Gov. Ducey Urges Congress to Treat Puerto Rico Like a State Under Chapter 9

Arizona Governor Douglas Ducey (R) has written to members of Congress that the proposal of the administrations of Puerto Rico Governor Alejandro Garcia Padilla and President Obama to enable debt of the Government of Puerto Rico — vs. that of its instrumentalities — to be reduced in Federal bankruptcy court “could actually end up negatively affecting Arizona… Read more »

Durbin: Puerto Rico Exclusion from Chapter 9 Either an Error or Intentional Discrimination

Sen. Richard Durbin (D-IL) has added his voice to the growing chorus of Members of Congress speaking out about Puerto Rico’s unequal treatment under federal law and urging reforms in 2016. In a Senate floor speech on December 17th, Sen. Durbin expressed hope that 2016 would be a better year for Puerto Rico.  He said:… Read more »

Fortuno, Millstein Discuss Chapter 9, Next Steps for Puerto Rico

On Thursday, October 22, 2015, in New York City, Reorg Research hosted an animated panel discussion on the critical economic and political challenges facing Puerto Rico.  The panel featured James Millstein, CEO of Millstein & Co. and Puerto Rico’s chief restructuring advisor, former Gov. Luis Fortuño and former International Monetary Fund officials Claudio Loser, director… Read more »

Chapter 9 for Puerto Rico:  Momentum and Myths

While the U.S. Treasury Department and the administration of Gov. Alejandro Garcia Padilla are actively engaged in conversations over possible federal administrative reforms to improve Puerto Rico’s fiscal situation, momentum has similarly increased on Capitol Hill to push forward legislative solutions. On September 30, 2015, the Senate’s third-ranking Democrat and future Democratic leader, Sen. Chuck… Read more »

The National Review’s Ramesh Ponnuru Responds to Chapter 9 Doubters

Ramesh Ponnuru, a senior editor for National Review, has written a column for Bloomberg View that responds to some of the concerns which have been expressed about allowing Puerto Rico to use chapter 9 bankruptcy protection. Chapter 9 allows States to give municipalities (including cities, public utilities and the like) permission to restructure debt. Puerto… Read more »

Miami Herald Editorial Board Endorses Chapter 9, Statehood for Puerto Rico

The Miami Herald has published an editorial recapping Puerto Rico’s debt crisis, concluding that “[f]ull statehood may be the only enduring solution that gives its people equality and establishes a framework for sustained prosperity after it emerges from crisis.” Puerto Rico is deeply in debt, and the Governor of Puerto Rico has announced that the territory simply… Read more »

Congressional Leaders Issue Statement on Chapter 9 and Puerto Rico

House Judiciary Committee Chairman Bob Goodlatte (R-VA) and Subcommittee on Regulatory Reform, Commercial and Antitrust Law Chairman Tom Marino (R-PA) issued the following statement on Puerto Rico’s economic situation and fiscal crisis: “Today, we met with our Republican colleagues on the Judiciary Committee to discuss the issues facing Puerto Rico. While no consensus was reached,… Read more »

Chapter 9 Access for Puerto Rico: 2016 Dems Say Yes, Republicans Split

Earlier this week, former Secretary of State and current Democratic presidential candidate Hillary Rodham Clinton announced her support for allowing Puerto Rico’s public entities access to U.S. bankruptcy law. In her remarks Secretary Clinton, a former Member of Congress, said that “as a first step, Congress should provide Puerto Rico the same authority that states… Read more »

Former Senator Bob Dole Endorses Chapter 9 Bankruptcy Access in Puerto Rico

Former Senator Bob Dole has endorsed legislation authorizing Puerto Rican municipalities to access federal bankruptcy restructuring options  that are already available to states under Chapter 9 of the Federal Bankruptcy Code. The former presidential candidate (1996) and longest serving Republican U.S. Senate Majority Leader expressed his views in a letter to Bob Goodlatte, the chair of the House Committee… Read more »

Bush Joins with Fortuno to Urge Inclusion of Puerto Rico in Chapter 9 of US Bankruptcy Code

Broadcast live streaming video on Ustream During his recent visit to Puerto Rico, possible presidential candidate Jeb Bush was asked his views about including Puerto Rico under Chapter 9 of the U.S. Bankruptcy Code, which allows bankruptcy filing for municipalities of states but not U.S. territories such as Puerto Rico. Legislation to amend the U.S. Bankruptcy… Read more »