Puerto Rico on a Rhode Islander’s Mind

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  • Rhett Hardwick

    “it was essentially chapter 9 bankruptcy by another name.”

    That is commonplace with Chapter 11 and is called a ‘Trust for the Benefit of Creditors”. The trust document basically recites Chp.11.

    Well within living memory, only two cities had ever filed bankruptcy. Won’t name them because my recollection I not exact. We are certainly in a new era. On the other hand, Providence could use bankruptcy to relieve itself of pension obligations. I have long wondered if insolvency is what many cities have been waiting for. You know, “we had no choice”.

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