Bondholders Seek Receiver For Puerto Rico Electric Co.

Law360, New York (July 18, 2017, 8:50 PM EDT) -- A group of Puerto Rico Electric Power Authority bondholders Tuesday told a bankruptcy court that the utility's financial troubles make the bondholders legally entitled to see a receiver appointed to protect their interests.

The bondholders, who claimed they collectively hold about 65 percent of the utility's $8.3 billion bond debt and include such firms as Assured Guaranty Corp., National Public Finance Corp. and Syncora Guarantee Inc., said the actions of Puerto Rico Gov. Ricardo Rosselló and the island’s new Financial Oversight and Management Board have killed reform attempts and a 2016 restructuring agreement, leaving the bondholders no choice but to ask...

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