You are correct. They can easily hire some good receivership attorneys, get DIP financing and restructure their existing debt. They need our permission to do the aforementioned - I say give it to them with a pat on the rear. They will be fine without our pouring more good money after bad.
Bingo! That’s the answer.
Jack Lew was on Fox Business this afternoon promoting that solution.
...........with all due respect, I disagree. Having been involved tangentially in some restructures, the FIRST thing these attorneys and the creditors they represent want is AUDITED FINANCIALS. Puerto Rico, being good little socialist’s have not been able to come up with one exactly like our socialists (Democrats and RINO’s) have not produced a budget in 8 years. In Puerto Rico, no doubt why. Some people will be required to go to jail. The US could NEVER stand a full blown audit as half the government would go to jail.
After financials, Trump is right. The REASON they are upside down is half the population sucks off the other half. That has to stop and the political will, absent a real live shooting revolution, is just not there.