{"id":43133,"date":"2015-10-21T22:49:00","date_gmt":"2015-10-22T01:19:00","guid":{"rendered":"http:\/\/hispanicprwire.com\/the-obama-administration-puerto-ricos-governor-unveil-super-chapter-9-for-puerto-rico\/"},"modified":"2015-10-21T22:52:04","modified_gmt":"2015-10-22T02:52:04","slug":"la-administracion-de-obama-y-el-gobernador-de-puerto-rico-revelan-super-capitulo-9-para-puerto-rico","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/la-administracion-de-obama-y-el-gobernador-de-puerto-rico-revelan-super-capitulo-9-para-puerto-rico\/","title":{"rendered":"The Obama Administration, Puerto Rico&#8217;s Governor Unveil &#8220;Super Chapter 9&#8221; For Puerto Rico"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml30{\nMARGIN-LEFT:2.50em\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">WASHINGTON<\/span>, <span class=\"xn-chron\">Oct. 21, 2015<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0Main Street Bondholders Coalition, a project of the 60 Plus Association, a seniors organization representing more than 7.2 million Americans, denounces <span class=\"xn-location\">Puerto Rico<\/span> Governor <span class=\"xn-person\">Alejandro Garcia Padilla<\/span> and the Obama Administration&#8217;s plan to violate <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> Constitution by abandoning the Commonwealth&#8217;s debt obligations.\u00a0 <\/p>\n<ul type=\"disc\">\n<li>The Administration&#8217;s unprecedented proposal, so-called &#8220;Super Chapter 9&#8221;, would restructure all of <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> debt, including its Constitutional debt, and is widely expected to disrupt U.S. municipal debt markets \u2013 raising the cost of borrowing for states and municipalities across the country. <\/li>\n<li><span class=\"xn-person\">Jim Millstein<\/span>, <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> chief restructuring advisor, has aggressively pushed for Super Chapter 9, ignoring bi-partisan interest in Congress for a deal that would bring desperately needed fiscal reform combined with an orderly restructuring mechanism for <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> non-Constitutional debt. Millstein <a href=\"http:\/\/johnmuddlaw.com\/2015\/08\/27\/perception-is-everything\/\" target=\"_blank\" rel=\"nofollow\">has been criticized<\/a> for profiting from his business dealings around <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> settlement with PREPA&#8217;s bondholders, yet continues to advise the Commonwealth. <\/li>\n<li>&#8220;Super Chapter 9&#8221; is without precedent, and would create a playbook for other states to discharge their Constitutional or &#8220;full faith and credit&#8221; debt. This reckless action would put every retirement account in America at risk. <\/li>\n<\/ul>\n<p><b><span class=\"xn-person\">George Carroll<\/span><\/b>, a member of the Main Street Bondholders, a Puerto Rican constitutional bondholder and retired municipal bond adviser from <span class=\"xn-location\">Red Bank, New Jersey<\/span> said: <\/p>\n<p id=\"indentid\" class=\"prnml30\"><i>&#8220;Impairing constitutionally protected general obligation bonds will bring chaos to America&#8217;s municipal bond market.\u00a0 This will spur other states from <span class=\"xn-location\">New Jersey<\/span> to <span class=\"xn-location\">Illinois<\/span> to ask for Super Chapter 9, and the result would be a disaster for millions of American retirees who are invested in state and local general obligation bonds. This is an incredulous, and foolhardy assault by Governor <span class=\"xn-person\">Garcia Padilla<\/span> and the Obama Administration against the rule of law and the municipal bond market.\u00a0 Fixing Puerto Rico starts with fiscal reforms and an orderly restructuring process; not impairing constitutional debt.&#8221;<\/i><\/p>\n<p><b><span class=\"xn-person\">Franco Rosaly<\/span><\/b>, a member of Main Street Bondholders, a Puerto Rican bondholder, an Attorney and family business manager from <span class=\"xn-location\">San Juan<\/span>, said:<\/p>\n<p id=\"indentid\" class=\"prnml30\"><i>&#8220;Governor <span class=\"xn-person\">Garcia Padilla<\/span> and the Obama Administration declared today their support for the violation of the Puerto Rican Constitution with the endorsement of Super Chapter 9. This action by the Governor and President Obama represents a callous disregard for the rule of law and the thousands of Puerto Ricans who have literally invested their life savings in Puerto Rican bonds.&#8221;\u00a0 <\/i><\/p>\n<p><a href=\"http:\/\/mainstreetbondholders.org\/\" target=\"_blank\" rel=\"nofollow\"><b>Main Street Bondholders Coalition<\/b><\/a> is a project of the 60 Plus Association, and is comprised of small bondholders from across America who are committed to a policy process that returns <span class=\"xn-location\">Puerto Rico<\/span> to sound financial management, respect for the rule of law, and the protection of their retirement savings.<\/p>\n<p>Contact: <span class=\"xn-person\">Janet Wootten\u00a0\u00a0<\/span><br \/><a href=\"mailto:media@mainstreetbondholders.org\" target=\"_blank\" rel=\"nofollow\">media@mainstreetbondholders.org<\/a><\/p>\n<p\/>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">WASHINGTON<\/span>, <span class=\"xn-chron\">Oct. 21, 2015<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0Main Street Bondholders Coalition, a project of the 60 Plus Association, a seniors organization representing more than 7.2 million Americans, denounces <span class=\"xn-location\">Puerto Rico<\/span> Governor <span class=\"xn-person\">Alejandro Garcia Padilla<\/span> and the Obama Administration&#8217;s plan to violate <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> Constitution by abandoning the Commonwealth&#8217;s debt obligations.\u00a0 <\/p>\n<p>&lt;ul&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-43133","post","type-post","status-publish","format-standard","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/43133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=43133"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/43133\/revisions"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=43133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=43133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=43133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}