Puerto Rico Placed in Bankruptcy Protection: Illinois Needs Similar Deal

MishTalk

There is no provision for state bankruptcies under Chapter 9 law.

Instead,  the governor of Puerto Rico, Ricardo Rosselló, petitioned for relief under Title III of a new federal law for insolvent territorial governments, called Promesa.

States like Illinois sure could use a similar deal.

DealBook reports Puerto Rico Declares a Form of Bankruptcy.

Cont....