Whoa! "Chapter 9 and Puerto Rico"

I had just assumed there would be a way for the Commonwealth to avail themselves of The Code.
It may be time to re-read those cov-light Samoa Development Authority debentures.

From the scary-smart folks at Credit Slips:

As Melissa has noted, the First Circuit has found that the Commonwealth's attempt to solve its own problem runs afoul of Congress' "intent" to leave Puerto Rico without a municipal bankruptcy system....MORE