{"id":4315,"date":"2017-05-03T17:04:35","date_gmt":"2017-05-03T22:04:35","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4315"},"modified":"2022-03-25T14:00:38","modified_gmt":"2022-03-25T19:00:38","slug":"puerto-rico-files-title-iii-bankruptcy-protection","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-files-title-iii-bankruptcy-protection\/","title":{"rendered":"Puerto Rico Files for Title III Bankruptcy Protection"},"content":{"rendered":"

\t\t\t\tPuerto Rico, a U.S. territory, is now under bankruptcy protection. Since the island is not a municipality, it could not file for Chapter 9 bankruptcy protection as did the city of Detroit. It is, however, availing itself of a Title III process that resembles Chapter 9 bankruptcy. <\/p>\n

The process will allow Puerto Rico to use the court to restructure part of the more than $70 Billion in debt the island owes. According to The Wall Street Journal<\/em> (WSJ), mutual funds hold about $10 Billion of the territory\u2019s outstanding bonds. <\/p>\n

Title III, under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), includes bankruptcy provisions that will be applied for the first time ever and it deals with insolvent territorial governments. Puerto Governor Ricardo Rossell\u00f3 sent his petition for Title III protection today and the federal board tasked with overseeing the island\u2019s finances approved his request soon after. Now, Supreme Court Chief Justice John G. Roberts Jr. will have to appoint a bankruptcy judge to Puerto Rico’s case. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Puerto Rico, a U.S. territory, is now under bankruptcy protection. Since the island is not a municipality, it could not file for Chapter 9 bankruptcy protection as did the city of Detroit. It is, however, availing itself of a Title III process that resembles Chapter 9 bankruptcy. The process will allow Puerto Rico to use […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039],"tags":[],"class_list":["post-4315","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nPuerto Rico Files for Title III Bankruptcy Protection — Investor Lawyers Blog — May 3, 2017<\/title>\n<meta name=\"description\" content=\"Puerto Rico, a U.S. territory, is now under bankruptcy protection. 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Since the island is not a municipality, it could not file for Chapter 9 bankruptcy — May 3, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Puerto Rico Files for Title III Bankruptcy Protection — Investor Lawyers Blog — May 3, 2017","description":"Puerto Rico, a U.S. territory, is now under bankruptcy protection. 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