1st Circ. Opens Path For PREPA Bondholders' Receiver Bid

Law360 (August 8, 2018, 11:01 PM EDT) -- The First Circuit on Wednesday reversed a ruling by the judge presiding over Puerto Rico's restructuring proceedings, finding she is not precluded from lifting automatic stay protections for the island's bankrupt electric utility so that bondholders can pursue legal action to appoint a receiver.

In a unanimous decision, the First Circuit left it up to the discretion of the lower court to decide whether to lift the stay, but disagreed with the premise put forth by U.S. District Judge Laura Taylor Swain, a New York federal judge appointed to preside over the bankruptcy-like cases for Puerto Rico's public institutions, who said...

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