Puerto Rico is having a bad month, at least as far as the U.S. Supreme Court is concerned. In Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust 579 U.S. ___ (2016), the justices struck down a law that would have allowed public utilities in the commonwealth to restructure $20 billion in debt. According to the majority, Puerto Rico’s 2014 law is barred by the federal Bankruptcy Code.
