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Puerto Rico’s financial oversight board has filed a form of bankruptcy for the island under Title III of last year’s Puerto Rico rescue law, which is known as PROMESA.
USA TODAY
Facing mountainous debt and population loss, the board overseeing Puerto Rico filed Wednesday for the equivalent of bankruptcy protection in a historic move that’s sure to trigger a fierce legal battle with the fate of the island’s citizens, creditors and workers at stake.
The oversight board appointed to lead the U.S. territory back to fiscal sustainabi…
Read the full article at: https://www.usatoday.com/story/money/2017/05/03/puerto-rico-bankruptcy/101243686/