Puerto Rico Fuel Line Lenders Prep For Utility Revenue Fight

Law360, New York (September 13, 2017, 8:12 PM EDT) -- Units of Scotiabank and hedge fund Solus Alternative Asset Management have asked the court overseeing Puerto Rico’s restructuring to let them intervene in a suit between the island’s government-owned power company and its bondholders, saying they’re owed $696 million by the power company that must be paid back ahead of all other claims.

Scotiabank and Solus — referred to as the “fuel line lenders” in their motion — say the terms of two credit agreements they struck with the Puerto Rico Electric Power Authority in 2012...
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