David Skeel of the Law School commented on Puerto Rico’s plan to restructure its $124 billion in debt using a bankruptcy-like law called Promesa. “If this works—if Promesa works and the restructuring works—it may make bankruptcy for states seem like something that lawmakers should be considering a little more seriously,” he said. “But if it doesn’t work, it would have the opposite effect.”

July 14, 2019 ・ From The New York Times