Bondholders Want Stay Lifted On Puerto Rico Public Pension
Law360, New York (June 1, 2017, 4:43 PM EDT) -- Holders of bonds issued by Puerto Rico's public pension fund on Wednesday asked the court overseeing the island's bankruptcy-like process to lift the fund's legal protections and let them start collecting on the roughly $2 billion they're owed.
The same day, Puerto Rico Gov. Ricardo Rosselló unveiled a $9.6 billion budget that will pay $2 billion in pension obligations from the general fund — and not Puerto Rico's Employees Retirement System, which issued the bonds.
Those bonds, purchased by hedge funds and asset managers such as Altair Global Credit Opportunities Fund, Oaktree Capital Management and Claren Road Associates Management in 2008,...
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