Puerto Rico Utility Creditors Lose Bid To Appoint Receiver
Law360, New York (September 14, 2017, 5:22 PM EDT) -- The oversight powers of the federally appointed board guiding Puerto Rico's historic restructuring were reaffirmed in a court ruling Thursday, finding that a group of bondholders could not move to appoint a receiver for the island's insolvent electric company without the panel's consent.
The extent to which creditors and the court can intervene in or dictate the actions of Puerto Rico’s insolvent public entities was firmly delineated in a decision that prevents a group of Puerto Rico Electric Power Authority bondholders and insurers from lifting the utility’s litigation shield and placing it in receivership as part of an effort to raise...
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