August 3, 2017 / 12:10 AM / in 2 years

Puerto Rico creditors' committee fears being 'neutered'

A bid by Puerto Rico’s general obligation bondholders to join its official committee of unsecured creditors risks creating a dangerous “fox guarding the henhouse” precedent for bankruptcy procedure, according to the committee.

In court papers filed on Monday, the committee urged the U.S. District Court in San Juan to reject a motion by the U.S. territory’s ad hoc group of general obligation bondholders for an order that would give them a seat on the committee.

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