Puerto Rico Oversight Board Sued For Utility Deal Delay

Law360, New York (June 27, 2017, 8:23 PM EDT) -- A pair of bond insurers filed suit Monday against the federally appointed board overseeing Puerto Rico's debt crisis for evading a congressional mandate by delaying approval of a $9 billion restructuring deal between the territory's lone power utility and its bondholders.

MBIA Inc. subsidiary National Public Finance Guarantee Corp. and Assured Guaranty Corp. are asking a U.S. District Court in Puerto Rico to compel the territory’s Financial Oversight and Management Board to certify a proposed modification to a restructuring support agreement between the Puerto Rico Electric...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.