Bondholders Sue To Guard Puerto Rico Electric Co. Money
Law360, New York (August 8, 2017, 6:04 PM EDT) -- Bond insurers with interest in most of the $8.3 billion in outstanding bond debt issued by Puerto Rico's government-owned power company launched a complaint Monday to force the utility to remit pledged funds for debt service, saying the company has failed to honor contractual obligations.
MBIA Inc. subsidiary National Public Finance Guarantee Corp., Assured Guaranty Corp., Syncora Guarantee Inc. and a group of Puerto Rico Electric Power Authority bondholders are suing the authority, the federally appointed board overseeing the territory's landmark debt restructuring and the commonwealth's fiscal advisory agency in an effort to preserve collateral the insurers say is not being...
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