Puerto Rico Justices Must Hear Bond Issuer Row, Judge Told

By Ryan Boysen (June 8, 2017, 7:46 PM EDT) -- The dispute between COFINA bondholders and Puerto Rico's general obligation bondholders took a new turn Wednesday, as the former parties asked the federal judge overseeing the commonwealth's restructuring to let Puerto Rico's Supreme Court determine once and for all whether tax-backed bond issuer COFINA is even constitutional.

The bondholders of COFINA, or the Puerto Rico Sales Tax Financing Corp., are confident the island's high court will uphold the 2006 law that established the government-owned corporation, which issues bonds backed by a portion of the island's sales tax.

Puerto Rico's general obligation bondholders have been adamant that interest on their instruments should...

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