Judicial Insight

Money & Corp · Court of Appeals for the First Circuit

Sep 23, 2026 · 25-1749 · Appeal

Illustration: a large stack of bonds in a courthouse corridorAI illustration

Bondholders face off in Puerto Rico's bankruptcy fight

Bondholders argue over rights to $8.5 billion in a tough restructuring fight.

TL;DR

  1. 1Puerto Rico's bondholders say the Commonwealth broke promises that protected their investments.
  2. 2They want these claims classified to recover some of the $8.5 billion from bankruptcy.
  3. 3But a legal rule might block them from getting anything, causing a big fight.

Appeal

Lower-court ruling unlocks after you vote

Should the $8.5 billion claim be treated as subordinated under § 510(b)?

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