Esquire Pietrantoni analyzes the legal framework that protects the bond holders of Puerto Rico’s general obligation debt as well as offers examples of how similar statutes have been interpreted in other jurisdictions. He then proceeds to explain the main characteristics of the contractual agreements between the Government of Puerto Rico and its bond holders. After discussing how other nations such as Argentina, Greece Jamaica and Uruguay restructured their sovereign debt, Pietrantoni proceeds to offer alternative models that Puerto Rico’s Government could use to restructure their own debt. Ultimately, he concludes that bond holders’ constitutional protections are not absolute and can be subject to an analysis of the balance of the interests possessed by creditors and those of the citizens of Puerto Rico.
Citation: Antonio J. Pietrantoni, Restructuring Puerto Rico’s General Obligation Debt, 85 Rev. Jur. UPR 629 (2016).