Bondholders Seek To Appoint Receiver For Puerto Rico Utility

Law360 (October 5, 2018, 8:31 PM EDT) -- A group of bondholders on Thursday renewed their call to put a receiver in charge of Puerto Rico's electric utility, while the island's federally appointed fiscal oversight board sought information from the governor's office about an announced electric rate cut.

While the island's Financial Oversight and Management Board said it needed information on the numbers and legal authority behind the rate announcement, the bondholders urged the court to use the authority the First Circuit said it had in August to appoint a receiver to take over Puerto Rico Electric Power Authority and make the financial and management changes needed to repay...

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