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offsite link North Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi?

offsite link Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi?

offsite link Slavgrinder Ramps Up Into Overdrive Tue Nov 12, 2024 10:29 | Marko Marjanovi?

offsite link ?Existential? Culling to Continue on Com... Mon Nov 11, 2024 10:28 | Marko Marjanovi?

offsite link US to Deploy Military Contractors to Ukr... Sun Nov 10, 2024 02:37 | Field Empty

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Human Rights in Ireland
Promoting Human Rights in Ireland

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Lockdown Skeptics

The Daily Sceptic

offsite link News Round-Up Fri Apr 11, 2025 01:09 | Richard Eldred
A summary of the most interesting stories in the past 24 hours that challenge the prevailing orthodoxy about the ?climate emergency?, public health ?crises? and the supposed moral defects of Western civilisation.
The post News Round-Up appeared first on The Daily Sceptic.

offsite link Sadiq Khan Blocks Accenture From TfL Contracts Over Scrapping DEI Thu Apr 10, 2025 19:00 | Will Jones
Sadiq Khan's Transport for London has blocked Accenture from working on its advertising campaigns due to the consulting giant scrapping its DEI policies, saying the company "no longer meets" its diversity criteria.
The post Sadiq Khan Blocks Accenture From TfL Contracts Over Scrapping DEI appeared first on The Daily Sceptic.

offsite link Greenpeace Pours ?Blood? in US Embassy Pond to Protest Arming Israel, Leading to Arrest of Charity B... Thu Apr 10, 2025 17:00 | Will Jones
The head of Greenpeace UK, Will McCallum, has been arrested after the group poured blood-red dye into the US embassy?s pond in London in protest against arms sales to Israel.
The post Greenpeace Pours ‘Blood’ in US Embassy Pond to Protest Arming Israel, Leading to Arrest of Charity Boss appeared first on The Daily Sceptic.

offsite link Are White Boys Checking Out of University? Thu Apr 10, 2025 15:00 | Joanna Gray
As girls gear up to go to university this autumn, boys are dragging their feet, says Joanna Gray. With many university courses now filled with women, are boys self-excluding from this female-dominated world?
The post Are White Boys Checking Out of University? appeared first on The Daily Sceptic.

offsite link Only Five Convicted of Piloting Migrant Boats This Year Despite 119 Dinghies Arriving Thu Apr 10, 2025 13:15 | Will Jones
Only five people have been convicted of piloting small boats across the Channel this year despite Labour's pledge to crack down on smugglers and more than 119 dinghies containing a record 6,642 migrants making the journey.
The post Only Five Convicted of Piloting Migrant Boats This Year Despite 119 Dinghies Arriving appeared first on The Daily Sceptic.

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Voltaire Network
Voltaire, international edition

offsite link Will intergovernmental institutions withstand the end of the "American Empire"?,... Sat Apr 05, 2025 07:15 | en

offsite link Voltaire, International Newsletter N?127 Sat Apr 05, 2025 06:38 | en

offsite link Disintegration of Western democracy begins in France Sat Apr 05, 2025 06:00 | en

offsite link Voltaire, International Newsletter N?126 Fri Mar 28, 2025 11:39 | en

offsite link The International Conference on Combating Anti-Semitism by Amichai Chikli and Na... Fri Mar 28, 2025 11:31 | en

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Puerto Rico Bankruptcy Process Begins

category international | politics / elections | press release author Tuesday May 16, 2017 20:31author by Abby Wilhelm - Jubilee USA Network Report this post to the editors

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.

Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan. The Title III debt restructuring process was created as a part of debt crisis legislation that was signed into law last summer.

"This is a historic process," notes Eric LeCompte, the Executive Director of Jubilee USA who is in San Juan to monitor the process. "The legislation and process is unique among bankruptcy processes because it can restructure all of Puerto Rico's debt and ensures that all creditors participate in the process."

LeCompte monitored the case involving Argentina versus NML Capital and organized nearly 80 development and religious organizations to file an Amicus Brief to the Supreme Court in 2014. Because Argentina was required to pay a small group of "holdout" creditors, the country was not able restructure all of its debt or return to the international capital markets for almost 15 years. LeCompte worked with Congressional leadership to create and pass legislation that would prevent so-called "vulture" funds from taking advantage of Puerto Rico as they did to Argentina. The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) was designed to prevent predatory and "holdout" behavior.

"Puerto Rico's bankruptcy process could be a model for better, more comprehensive bankruptcy processes for states and other countries," explained LeCompte who advised the United Nations General Assembly on the creation of a global bankruptcy process. "Current debt restructuring processes available for U.S. states and countries can not restructure all of their debt, but the process for Puerto Rico can."

Overseeing the hearings is Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York. ‎The process will likely last a year and a half or more.

"In the coming years, Puerto Rico will still have a lot of obstacles to overcome but if this process is done right, Puerto Rico will have a clear path for recovery and economic growth," says LeCompte.

Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people.

www.jubileeusa.org

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