1st Circ. Mulls Creditors' Role In Puerto Rico Recovery

Law360, Boston (June 5, 2018, 3:56 PM EDT) -- The First Circuit on Tuesday questioned whether a group of bondholders can step in and influence the actions of Puerto Rico's struggling public entities, during a morning of arguments before the appellate panel centering on the island commonwealth's historic restructuring.

The creditors are appealing a ruling by U.S. District Judge Laura Taylor Swain, a New York federal judge appointed to preside over the bankruptcylike cases for Puerto Rico's public institutions, who said only public officials and their appointees can dictate restructuring efforts.

Thomas Moers Mayer of Kramer Levin Naftalis & Frankel LLP, an attorney for the creditors, argued that a receiver...

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