Supreme Court agrees to hear Puerto Rico restructuring appeal

A view of the U.S. Supreme Court building is seen in WashingtonBy Lawrence Hurley and Nick Brown WASHINGTON/SAN JUAN (Reuters) – The U.S. Supreme Court on Friday agreed to hear Puerto Rico’s bid to reinstate a law that would allow restructuring of the debt-burdened U.S. territory’s public agencies. In a major boon for a U.S. commonwealth facing some $72 billion in debt, Puerto Rico will get a chance to argue before the top U.S. court that its proposed restructuring law, invalidated by courts earlier this year, is its best chance to pull itself out of a nearly decade-long recession. The Supreme Court will decide whether a 2014 law known as the Recovery Act conflicts with U.S. federal bankruptcy law.

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