In a move that could dwarf the massive municipal bankruptcy of Detroit in 2013, the government of Puerto Rico indicated Wednesday that it would begin a bankruptcy-type process to restructure some $73 billion in debt.
Puerto Rico, which is barred under federal law from seeking Chapter 9 protection in a U.S. bankruptcy court, instead filed a petition for relief with a U.S. district court in San Juan. Proskauer Rose restructuring partners Martin Bienenstock, Scott Rutsky and Philip Abelson in New York are working with Hermann Bauer of San Juan’s O’Neill & Borges in advising The Financial Oversight and Management Board for Puerto Rico, according to the court filing.
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