But they're still going to need a lot more of those.
The virtual Chapter 9 strategy would generate enough leverage over creditors for Puerto Rico to deal with its debt crisis. The risk is that it would generate too much. Without an actual Chapter 9 to limit the Puerto Rican government, that government could design a procedure even more to its benefit.
Chapter 9 is part of the solution to Puerto Rico's complicated debt and liquidity crisis. The alternative -- doing nothing and watching bondholders subject Puerto Rico to years of litigation and chaos -- would be a disaster for a business community that thrives on predictability and order.
But in 1996, Congress decided to phase out the corporate tax breaks -- which cost the U.S. government a lot in lost revenue
Moreau did not answer his phone, and his lawyer did not reply to a request for comment. An attorney for Bouthillette did
Stockton is seeking Chapter 9 protection from its creditors and said that it would cut retiree health benefits while it reorganizes
If the city council had put the disincorporation issue on the ballot, and voters approved it, Gold Bar would have been the
In August, U.S. Bankruptcy Judge Michael McManus approved the city's plan to remove itself from Chapter 9 bankruptcy and
The finances of Central Falls, a city of just 19,000 located six miles from the state capital of Providence, had been under