July 7, 2015 / 9:32 PM / in 5 years

Puerto Rico's governor considering appeal over Recovery Act decision

NEW YORK, July 7 (Reuters) - Puerto Rico’s governor said he is considering appealing to the U.S. Supreme Court a ruling by a U.S. appeals court to affirm a lower court decision to strike down Puerto Rican legislation aimed at granting local municipalities the right to enter bankruptcy.

Governor Alejandro García Padilla said in a statement the decision “is both unfortunate and disappointing” and leaves the island in limbo as it examines “all of our options moving forward, including appealing to the Supreme Court.”

Puerto Rico passed the so-called Recovery Act last year to give certain public corporations, with around $20 billion in debt, the ability to restructure financially in an orderly process. It was struck down by a federal court in Puerto Rico in February. (Reporting by Megan Davies; Editing by Alan Crosby)

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