Federal officials placed Puerto Rico under bankruptcy protection, setting up a showdown with Wall Street firms owed billions of dollars in the largest-ever U.S. municipal debt restructuring and further complicating the U.S. territory’s efforts to pull itself out of a financial mess. The federal oversight board installed by Congress invoked a quasi-bankruptcy law that puts Puerto Rico’s standoff with creditors before a federal judge in San Juan. The judge’s decision marks the start to what could be a lengthy legal fight as...

Source: Wall Street Journal May 03, 2017 15:07 UTC