December 8, 2015 – Professor Lynn LoPucki has written a piece for the Huffington Post, “Virtual Bankruptcy for Puerto Rico,” in which he addresses the commonwealth’s looming debt crisis.
“At $72 billion, the debt far exceeds Puerto Rico's ability to pay,” writes Professor LoPucki. “What remains to be determined are the proportions in which the various creditors will share the losses. In short, Puerto Rico is descending into chaos for lack of a legal process that can force the greediest of the creditors to accept their fair share.”
“Fortunately, a legal strategy exists by which Puerto Rico and its creditors can have the benefits of Chapter 9 now, without denying any creditor its full, non-bankruptcy remedies,” says Professor LoPucki.