A federal appeals court upheld a ruling preventing insurers of $3 billion in Puerto Rico highway bonds from taking their fight over toll revenues to a commonwealth court.
The 1st U.S. Circuit Court of Appeals issued its 28-page ruling on Wednesday, clocking another win for the federally-appointed oversight board tasked with guiding Puerto Rico’s debt restructuring process, which is coming up on its fourth year. The insurers, which include Assured Guaranty Corp and Ambac Assurance Corp., had urged the court to reverse U.S. District Judge Laura Taylor Swain’s September ruling rejecting their requests for relief from the stay that protects bankrupt entities against litigation.
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