When some major bondholders challenged a Puerto Rico debt restructuring law, their lawyers set off on a difficult quest. They would first have to convince a federal judge in San Juan that the law should be tossed, despite Puerto Rico’s claims that the law marked a last-ditch effort to grapple with crippling municipal debt.
“Most observers thought it was an uphill climb to get a Puerto Rico court to enjoin and invalidate this Puerto Rico law, when the Puerto Rico government was saying it was absolutely vital to its financial survival,” said Matthew McGill of Gibson, Dunn & Crutcher, who represented bondholder BlueMountain Capital Management LLC.
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