High Court Takes up Puerto Rico Debt Restructuring Case

``The justices said Friday they will review a lower court ruling that said Puerto Rico could not pass a law giving local municipalities the power to declare bankruptcy... The island narrowly avoided a multimillion-dollar default on Dec. 1 by announcing a last-minute bond payment of $355 million. But Padilla warned the U.S. Senate Judiciary Committee the same day that the island is running out of cash, and it was not clear whether other payments would be made.''