Hwy Toll Funds Under Fire In Puerto Rico Bond Payment Row

By Alex Wolf (June 5, 2017, 9:58 PM EDT) -- Holders of $65 million in bonds issued by Puerto Rico's Highways and Transportation Authority said Monday that the judge overseeing the commonwealth's restructuring should block the island's government from diverting their security interests in highway toll revenues to pay general expenses, calling it a constitutional violation.

Appearing in U.S. District Judge Laura Taylor Swain's Manhattan courtroom, an attorney for Peaje Investments LLC said the judge should take swift action to protect the bondholder from losing its secured collateral in revenue from tolls and other charges that HTA collects as part of its normal operation. According to the investor, although the authority...

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