August 9, 2018 / 10:30 PM / 10 months ago

PREPA bondholders, insurers win order to resume push for receiver

A federal appeals court on Wednesday ruled holders of debt issued by Puerto Rico’s bankrupt public electric utility and insurers of that debt can challenge its litigation stay and continue pushing to have it put it in receivership.

The U.S. 1st Circuit Court of Appeals panel’s decision sends the dispute over stay relief sought by bondholders and bond insurers of the Puerto Rico Electric Power Authority, or PREPA, back to U.S. District Judge Laura Taylor-Swain, who is overseeing the broader bankruptcy-like restructuring of the Puerto Rican government.

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