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Puerto Rico Declares a Form of Bankruptcy | Tony Seruga
May
04

Puerto Rico Declares a Form of Bankruptcy

By

With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure.

The action sent Puerto Rico, whose approximately $123 billion in debt and pension obligations far exceeds the $18 billion bankruptcy filed by Detroit in 2013, to uncharted ground…

Puerto Rico Declares a Form of Bankruptcy

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