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Puerto Rico Investors Cry Foul Over Sales Tax Revenue Deal

Law360 (June 12, 2018, 9:04 PM EDT) -- Investors holding general obligation debt issued by Puerto Rico's government are pushing for tweaks to a pending settlement proposed to resolve a bitter fight between creditors over billions worth of sales tax collections, saying the currently proposed split is unacceptable.

A battle over whether pledged revenues collected by the Puerto Rico Sales Tax Financing Corp., known as COFINA, can be used to satisfy the commonwealth’s general debt obligations may be nearing a peaceful resolution, but certain stakeholders are demanding changes to the terms of a settlement...
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