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 give them ironclad legal rights to repayment ahead of the bondholders and insurers, or anyone...

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