Puerto Rico Board Says Fiscal Plan Gripes Aren't Actionable

By Ryan Boysen (August 29, 2017, 9:04 PM EDT) -- The oversight board tasked with steering Puerto Rico through its bankruptcy-like process hit back on Monday against two bond insurers seeking to overturn the island's proposed fiscal plan, telling the federal court overseeing the restructuring that the insurers have no standing and their suit must be dismissed.

Assured Guaranty Corp. and National Public Finance Guarantee Corp. filed suit in May, saying Puerto Rico's fiscal plan takes way too much off the top with its proposed haircuts for bondholders and doesn't go nearly far enough in cutting government spending to free up more money for debt service.

The insurers want U.S. District...

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