In what is likely the leading edge of a rash of multibillion-dollar disputes involving the Commonwealth of Puerto Rico, the first round has gone to a group of bondholders.
The U.S. Court of Appeals for the First Circuit on Monday struck down a law that would have allowed the commonwealth’s public utilities to seek bankruptcy protection. The decision, which affirms a district court ruling in February, is a blow to Puerto Rico’s debt restructuring efforts, and a victory for debt holders that opposed the law.
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