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The Supreme Court holds that Puerto Rico is a "State"
for purposes of Chapter 9's pre-emption provision, despite the
Code's definition of "State" excluding Puerto Rico
for purposes of defining who may be a debtor under Chapter 9.
United StatesInsolvency/Bankruptcy/Re-Structuring
(U.S. Sup. Ct. June 13, 2016)
The Supreme Court holds that Puerto Rico is a "State"
for purposes of Chapter 9's pre-emption provision, despite the
Code's definition of "State" excluding Puerto Rico
for purposes of defining who may be a debtor under Chapter 9. Thus,
Puerto Rico cannot authorize its municipalities to seek relief
under Chapter 9 nor enact its own municipal bankruptcy laws. The
district court properly enjoined enforcement of the laws enacted by
Puerto Rico in 2014, which enabled its public utilities to modify
their debts. Opinion below.
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