The Cofina bonds include a repayment system wherein revenues from the Sales and Use Tax are used first to cover for what is owed to bondholders and whatever remains goes to the government. (Shutterstock)

Managing Puerto Rico’s deb under a territorial bankruptcy process entails a path full of legal uncertainties that offer only two guaranties: bondholders will have no other option than to negotiate and the cuts in debt will go beyond what is owed to Wall Street.

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