U.S. Supreme Court rejects Puerto Rico's bid to revive debt restructuring law

June 13, 2016 2:13 PM

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WASHINGTON, June 13 The U.S. Supreme Court on Monday rejected Puerto Rico's bid to revive a law that would have let the U.S. territory cut billions of dollars in debt at public utilities, delivering a setback to the Caribbean island's efforts to withstand a fiscal crisis.

The court ruled 5-2 that Puerto Rico's 2014 law known as the Recovery Act conflicts with U.S. federal bankruptcy law, leaving in place a 2015 appeals court ruling that had invalidated the statute. Only seven justices considered the case because Justice Samuel Alito recused himself and Justice Antoni...

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