Millstein Says Title III Was Inevitable for Puerto Rico

The transcript discusses the transition of government in Puerto Rico and the subsequent debt restructuring under Promessa. It explains the two paths for restructuring, Title 3 and Title 6, and the implications for bondholders and pensions. The creation of a fiscal plan by an oversight board is highlighted, along with the lessons learned from the process. The transcript also addresses the unique legal status of Puerto Rico compared to U.S. states and the risks associated with municipal debt.

What lessons can be learned from the creditors' response to the previous administration's debt restructuring proposals?

In what way does the current bankruptcy regime differ for Puerto Rico compared to states?

What factors contribute to the risk associated with municipal debt as discussed in the text?