Reuters logo
Puerto Rico governor says seeking Title III bankruptcy for island
May 3, 2017 / 2:54 PM / 6 months ago

Puerto Rico governor says seeking Title III bankruptcy for island

May 3 (Reuters) - Puerto Rico Governor Ricardo Rossello told reporters on Wednesday he has requested that the U.S. territory’s federal financial oversight board commence a Title III proceeding under last year’s Puerto Rico rescue law known as PROMESA.

Title III is an in-court debt restructuring process akin to U.S. Bankruptcy. Rossello’s remarks come a day after several major creditors sued his government over defaults on the island’s $70 billion in debt. (Reporting by A Contributor in San Juan; Writing by Nick Brown)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below